Advance America

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‘Advance America’ had been launched in 1997 and it is a publicly exchanged business under supervision associated with the SEC. Advance America may be the system that is largest of non-bank advance loan solutions in america. Advance America runs over 2,300 financing facilities in 30 states that are different. 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 taxation preparation. ” The web site’s label claims “Loans as much as $25,000 in less than hour. ” 1

Advance America is headquartered in https://www.speedyloan.net/installment-loans-ri Spartansburg, sc where it absolutely was launched by current Chairman associated with the Board, William Webster and previous Chairman associated with Board, George D. Johnson.

The latest York stock market states that Advance America’s total income in 2011 had been $623.86 million. 2

Ties to Pete Peterson’s “Fix the Debt”

The Campaign to correct the Debt may be the incarnation that is latest of a decades-long work by previous Nixon guy switched Wall Street billionaire Pete Peterson to slash attained advantage programs such as for instance personal safety, Medicare, and Medicaid beneath the guise of repairing the country’s “debt issue. “

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

Political Efforts

Advance America formally offered $110,750 to candidates that are federal the 2012 election cycle. 3 80% of the contributions went along to Republicans.

Placing the indegent in Financial Obligation

In February 2012, Mexican billionaire Salinas Pliego purchased Advance America for $780 million. 4 a ten years before that, Salinas’s Banco Azteca branches started providing loans to Mexico’s poor, usually at 50 to 60 per cent rates of interest. Forbes reported “Advance America and Banco Azteca share great deal in accordance. Both make use of individuals who don’t typically have actually lots of money, and both cost interest that is really high.

An Advance America loan that is in-store of1,000 in Mexico’s border state of Texas, for instance, is sold with “fee” that amounts to simply about 20 per cent. The main flow from fourteen days following the loan is released. Business spokesman Jamie Fulmer points out that charges on tiny loans are often cheaper than the usual bank charge for a check that is bounced.

However the nagging issue using this put up, in accordance with Jean Ann Fox, Director of Financial Services at the buyer Federation of America, arises whenever lendees have difficulty repaying. 5 Then they have stuck in a period of taking out fully another loan to pay for straight right straight back the amount that is original borrowed. The issue can snowball quickly. If lendees continue steadily to simply simply take more loans off to cover past 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 for the 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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