This debt consolidation loan mailer a reader received deserves some special attention if you are thinking of jumping in.
So here is what caught my attention.
The website says the company is located in Bloomfield Hills, MI at a P.O. Box.
But what is interesting is the State of Michigan says there is no company registered to do business in Michigan under the name Barron Advisors. – Source
Here is the biggest clue I found on the Barron Advisors disclosure page.
“Barron Advisors is not an agent of you or any lender. Barron Advisors services are only administrative. Barron Advisors is a paid marketing lead generator.”
They go on to say, “Barron Advisors is not a lender in any transaction and does not make loans, loan commitments, or lock rates. All credit decisions, including loan approvals, and the conditional rates and terms you are offered, are the responsibility of the participating lenders and will vary based upon your loan request, your particular financial situation, and criteria determined by the lenders to whom you are matched. Not all consumers will qualify for the advertised rates and terms.”
Yet the mailer from Barron Advisors says “You have been pre-approved for a Debt Consolidation Loan of up to $70,000 with an Annual Percentage Rate as low as 3.76%.”
So who approved what then?
Apparently, Barron Advisors sent out a press release last month that makes the following claims: – Source
- “Debt consolidation program by Barron Advisors provides a sense of relief for the consumer who has become trapped under a mountain of debt.”
- “The program will also help consumers manage their monthly budget. Replacing several payments with one easy payment takes much of the stress out of paying bills each month.”
- “This program by a highly trusted financial advisor will help customers get their finances looking good again.”
But Barron Advisors is just a lead generator?
As I see it the mailer and website from Barron Advisors makes claims for programs and services they don’t seem to offer if they are just a lead generation company.
I did get a laugh from the press release that says the contact person is “info.”
And as an additional interesting bonus, the testimonial from Suzannah in Raleigh, NC says, “Without a consolidation loan from Barron Advisors…” but doesn’t Barron Advisors say they don’t make loans. Hum.
I would recommend that anyone considering using such a company should read the following free guides.