Advance America

Advance America

Find out more about Pete Peterson-funded astroturf projects during the Fix your debt Portal.

‘Advance America’ had been established in 1997 and it is a publicly exchanged business under direction of this SEC. Advance America could be the biggest system of non-bank advance loan solutions in the us. Advance America runs over 2,300 financing facilities in 30 various states. The company website states that Advance America provides “a wide variety of services, ” such as “payday advances, installment loans, gold-buying, MoneyGram® solutions, and income tax planning. ” The internet site’s label claims “Loans as much as $25,000 in less than a full hour. ” 1

Advance America is headquartered in Spartansburg, sc where it had been created by present Chairman of this Board, William Webster and Chairman that is former of Board, George D. Johnson.

This 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 your debt could be the incarnation that is latest of the decades-long work by former Nixon guy switched Wall Street billionaire Pete Peterson to slash made advantage programs such as for example personal protection, Medicare, and Medicaid beneath the guise of repairing the country’s “debt issue. “

This informative article is a component associated with the Center for Media and Democracy’s research of Pete Peterson’s Campaign to “Fix your debt. ” Please check out our primary SourceWatch web page on Fix your debt.

Governmental Efforts

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

Placing poor people in Financial Obligation

In February 2012, Mexican billionaire Salinas Pliego bought Advance America for $780 million. 4 a decade before that, Salinas’s Banco Azteca branches started loans that are offering Mexico’s bad, frequently at 50 to 60 % rates of interest. Forbes reported “Advance America and Banco Azteca share a complete great deal in keeping. 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, as an example, comes with “fee” that amounts to simply about 20 %. The key flow from fourteen days after the loan is released. Business spokesman Jamie Fulmer points out that charges on little loans are usually cheaper than a bank cost for the bounced check.

Nevertheless the nagging issue using this put up, based on 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 straight straight back the amount that is original borrowed. The problem can quickly snowball. If lendees continue steadily to simply take more loans off to cover previous loans, they’ll feel a squeeze: the root yearly rate of interest is 533 %. ” 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 installment loans sc 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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