Advance America

Advance America

by igor

Advance America

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

‘Advance America’ had been launched in 1997 and it is a publicly exchanged business under guidance for the SEC. Advance America could be the biggest system of non-bank cash loan solutions in the usa. Advance America operates over 2,300 financing facilities in 30 states that are different. The company website states that Advance America provides “a wide variety of solutions, ” including “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 established by present Chairman associated with 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 in 2011 had been $623.86 million. 2

Ties to Pete Peterson’s “Fix the Debt”

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

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

Governmental Efforts

Advance America formally provided $110,750 to federal prospects in the 2012 election period. 3 80% of the contributions decided to go to Republicans.

Placing the indegent with debt

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 loans that are offering Mexico’s bad, frequently at 50 to 60 % interest levels. Forbes reported “Advance America and Banco Azteca share a complete great deal in accordance. Both make use of individuals who don’t usually have lots of money, and both fee 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 just about 20 per cent. The key is born fourteen days following the loan is released. Business spokesman Jamie Fulmer points out that fees on small loans are usually less expensive compared to a bank charge for the bounced check.

Nevertheless the problem using this put up, in accordance with Jean Ann Fox, Director of Financial Services at the buyer Federation of America, arises when lendees have difficulty repaying. 5 Then they have stuck in a period of taking right out another loan to pay for right right right back the amount that is original borrowed. The problem can quickly snowball. If lendees continue steadily to simply simply take more loans off to protect 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 Chief Executive Officer
  • 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 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
  • https://speedyloan.net/installment-loans-ok

Contact information

135 N Church Street Spartanburg, SC 29306

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