Advance America
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‘Advance America’ ended up being launched in 1997 and it is a publicly exchanged business under direction associated with SEC. Advance America may be the system that is largest of non-bank cash loan solutions in the us. Advance America runs over 2,300 financing facilities in 30 various states. The company website states that Advance America offers “a range that is wide of, ” including “payday advances, installment loans, gold-buying, MoneyGram® solutions, and taxation planning. ” The internet site’s label claims “Loans as much as $25,000 in under hour. ” 1
Advance America is headquartered in Spartansburg, sc where it had been launched by present Chairman associated with Board, William Webster and previous Chairman of this 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 your debt may be the latest incarnation of the decades-long work by previous Nixon man switched Wall Street billionaire Pete Peterson to slash received advantage programs such as for instance personal safety, Medicare, and Medicaid underneath the guise of repairing the country’s “debt issue. “
This informative article is component associated with the Center for Media and Democracy’s investigation of Pete Peterson’s Campaign to “Fix your debt. ” Please check out our primary SourceWatch web page on Fix your debt.
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Governmental Efforts
Advance America formally offered $110,750 to candidates that are federal the 2012 election period. 3 80% of these contributions went along to Republicans.
Placing the indegent 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 began providing loans to Mexico’s poor, usually at 50 to 60 % interest levels. Forbes reported “Advance America and Banco Azteca share great deal in keeping. Both make use of those who don’t typically have lots of money, and both cost interest that is really high.
An Advance America in-store loan of $1,000 in Mexico’s border state of Texas, for instance, is sold with “fee” that amounts to simply about 20 %. 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 bounced check.
However the online installment loans pennsylvania no credit check 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 out fully another loan to pay for straight right back the initial quantity they borrowed. The problem can quickly snowball. If lendees continue steadily to simply take more loans off 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 regarding 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
