A reader received a mailer from Titan Consulting Group claiming to offer an easy loan and even attached something that looks like a credit card.
Consumers that receive the mailer would have to dig deep to figure out exactly what is going on here. While the letter says “with a personal loan through Titan Consulting Group” that fine print on the back of the advertisement actually says Titan Consulting Group is not a lender. Loans are actually issued through Beachfront Credit Services. The role of Titan Consulting Group seems to be to advertise to consumers, direct some people to Beachfront Credit Services and also promote “alternative debt resolution options, should you not be approved for the loan described.”
The front of the letter gives me the impression the interest rate is 4.99% but the fine print actually says, “Annual Percentage Rates range from 4.99% to 24.99%.”
The Titan Consulting Group website appears to contradict information in the mailer. On the website, they say rates begin at 5.99% and “We Protect and Never Sell Your Data.” So if they never sell it then how does Beachfront Credit Services get involved in making the loan?
It goes on to say:
“By providing Personal Information to us, you hereby consent to and expressly authorize Titan, as we see fit in our sole discretion to the full extent permitted by law, to disclose, share and/or sell, your Personal Information to certain third-party individuals or entities, including, but not necessarily limited to, the following:
- Our service providers and related individuals and entities, including, but not limited to, independent contractors, marketing services providers, and other entities and individuals as necessary to effect, administer and perform our Services.
- Non-affiliated third parties who may purchase your Personal Information from Titan for their use in offering you other services that may be of interest to you.
- Third parties such as law enforcement in connection with detecting and protecting against fraud, or in response to a criminal or civil subpoena, or as otherwise required by applicable Federal, State or local laws.
- To individuals or entities to which we may decide to sell or otherwise transfer our law practice.”
Not a Lender
While the letter from Titan Consulting Group looks like an offer from a lender, the footer on their website says,”Since Titan Consulting Group does not directly issue loans, we cannot deliver any specifics or guarantee the APR you will be offered. The APR depends solely on your lender’s decision, based on various factors including your credit score, credit history, income, and some other information you supply in your request. For more information regarding the APR contact your lender.”
The website also makes the claim Titan Consulting Group offers “Personal Loans Without All the Fluff.” But what is the fluff was actually more detail on how this all works. You would certainly think Titan would be your lender if you never received the mailer.
I would recommend that anyone considering using such a company should read the following free guides.