Advance America

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‘Advance America’ had been https://speedyloan.net/installment-loans-nd established in 1997 and it is a publicly traded business under direction regarding the SEC. Advance America may be the biggest system of non-bank cash loan solutions in the usa. Advance America runs over 2,300 financing facilities in 30 various states. The company website states that Advance America provides “a range that is wide of, ” such as “payday advances, installment loans, gold-buying, MoneyGram® solutions, and income tax planning. ” The web site’s label claims “Loans as much as $25,000 in less than hour. ” 1

Advance America is headquartered in Spartansburg, sc where it absolutely was created by current Chairman regarding the Board, William Webster and Chairman that is former of Board, George D. Johnson.

The brand new York stock market states that Advance America’s total income last year had been $623.86 million. 2

Ties to Pete Peterson’s “Fix the Debt”

The Campaign to repair the Debt could be the latest incarnation of a decades-long work by previous Nixon man switched Wall Street billionaire Pete Peterson to slash made advantage programs such as for example Social protection, Medicare, and Medicaid underneath the guise of repairing the country’s “debt problem. “

This short article is a component for the Center for Media and Democracy’s research of Pete Peterson’s Campaign to “Fix your debt. ” Please go to our sourceWatch that is main page Fix your debt.

Governmental Efforts

Advance America officially offered $110,750 to federal prospects in the 2012 election period. 3 80% of these contributions went along to Republicans.

Putting poor people in Financial Obligation

In February 2012, Mexican billionaire Salinas Pliego bought Advance America for $780 million. 4 a ten years before that, Salinas’s Banco Azteca branches started providing loans to Mexico’s bad, usually at 50 to 60 per cent interest levels. Forbes reported “Advance America and Banco Azteca share a complete lot in keeping. Both make use of individuals who don’t typically have actually lots of cash, and both fee interest that is really high.

An Advance America in-store loan of $1,000 in Mexico’s border state of Texas, as an example, comes with “fee” that amounts to simply about 20 per cent. The key is born fourteen days following the loan is granted. Company spokesman Jamie Fulmer points out that charges on little loans are often less expensive when compared to a bank cost for the check that is bounced.

Nevertheless the nagging issue using this put up, in accordance with Jean Ann Fox, Director of Financial Services at the customer Federation of America, arises whenever lendees have difficulty repaying. 5 Then they have stuck in a period of taking right out another loan to cover straight back the amount that is original borrowed. The matter can quickly snowball. If lendees continue steadily to simply simply take more loans away to protect previous loans, they’ll feel a squeeze: the root yearly rate of interest is 533 per cent. ” 5

Executive Officers

At the time of February, 2013: 6

• J. Patrick O’Shaughnessy, President and Ceo
• James A. Ovenden, Executive Vice President and Chief Financial Officer
• Kenneth E. Compton, Former President and Ceo

Board of Directors

At the time of February, 2013: 7

• William M. Webster, IV, Chairman associated with Board and Director
• J. Patrick O’Shaughnessy, President and leader Officer (Principal Executive Officer), and Director
• James A. Ovenden, Executive Vice President and Chief Financial Officer (Principal Financial Officer)
• Robert H. Chapman, III
• Kenneth E. Compton
• Gardner G. Courson
• Tony S. Colletti

Contact information

135 N Church Street Spartanburg, SC 29306

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