A Quick Look at the FSB Lending and FSB Education Mailer and What It Says

A reader sent in the FSB Lending Mailer through my I Buy Junk Mail program.

The mailer appears to be yet another of those efforts to offer people the possibility of a loan and also maybe some sort of debt relief program if they don’t qualify for the loan.

On face value, the mailer appears to be a debt consolidation loan offer.

It was the back of the mailer that caught my attention.

The mailer says FSB Lending is an affiliate of FSB Education, a nonprofit company. It says FSB Lending wants to “provide an array of both financial education and financial planning tools for the purpose of making better individual and household financial decisions and provide concrete systems to better adhere to those decisions.”

The mailer then goes on to say FSB lending is either a nonprofit entity or is an affiliate of the nonprofit company, can “connect consumers experiencing financial hardship with companies that can provide the most appropriate solution for their needs. If applicable, the hiring of a law firm is an important decision and should not be based solely on advertisements. The retention of a client is subject to review and qualification by the law firm or counseling agency.”

That bit makes it sounds as if the consumer may be directed to a credit counseling or debt settlement company.

It may be just me but I’m confused by the statements on the back of the mailer. It is not clear to me if FSB Lending is saying they provide these services or if they are an affiliate of FSB Education who may be providing the referral services.

The front of the mailer appears to be all about an offer for a loan. The recipient seems to have been “pre-selected” to receive an offer for a debt consolidation loan. In the fine print, the front says, “Personal loans are offered through an FSB Lending affiliate.” There is no mention of who the lender is. The only mention of an affiliate on the back is of FSB Education which seems to be an educator, not a lender.

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The back of the mailer paints a different picture and presents alternative options.

On the mailer, FSB Lending says they are located at 5000 Birch Street, West Tower, Suite 3000, Newport Beach, CA 92660. That address is for a virtual office space with Regus. – Source

There is nothing wrong with using a virtual office but when it comes to dealing with a lender, I know I’d feel better knowing where they are physically located. Especially when the State of California says there is no registered company in California under the name of FSB Lending at the time of this article.

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FSB Education, Inc. is registered to do business in California as a nonprofit public benefit corporation. – Source

The incorporator is listed as Marc Penso. According to the latest statement of information filed with the State of California, the officers of FSB Education are Keith Jarrett, Keith Andrews, and Steven Brennan. – Source

So when the advertising mailer says, “FSB Lending, an affiliate of FSB Education, is a nonprofit company” I think they just didn’t work through the description so it is at least clear to an idiot like me. It appears that FSB Lednding is not a registered company and not a registered nonprofit from State of California records, even though that is how I read it.

A search of the California State site listing lenders could not find an entry for FSB Lending.

The mailer raised more questions than answers for me and it’s a good example of taking a few minutes to figure out who you are working with before you sign any contract for anything. You can do your own research using my free guides below.

If FSB Lending or FSB Education reads this post and think I got anything wrong in it, please contact me and let’s get the information corrected.

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Steve Rhode is the Get Out of Debt Guy and has been helping good people with bad debt problems since 1994. You can learn more about Steve, here.
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