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‘Advance America’ was created in 1997 and it is a publicly exchanged business under guidance associated with the SEC. Advance America could be the biggest system of non-bank advance loan solutions in the usa. Advance America runs over 2,300 financing facilities in 30 states that are different. The company website states that Advance America provides “a wide array of solutions, ” such as “payday advances, installment loans, gold-buying, MoneyGram® solutions, and income tax preparation. ” 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 established by present Chairman associated with Board, William Webster and Chairman that is former of Board, George D. Johnson.
The latest York stock market states that Advance America’s total income last year ended up being $623.86 million. 2
Ties to Pete Peterson’s “Fix the Debt”
The Campaign to repair your debt could be the latest incarnation of a decades-long effort by previous Nixon guy switched Wall Street billionaire Pete Peterson to slash acquired advantage programs such as for instance personal safety, Medicare, and Medicaid beneath the guise of repairing the country’s “debt issue. “
This informative article is a component regarding the 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.
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Governmental Efforts
Advance America formally provided $110,750 to federal applicants in 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 bought Advance America for $780 million. 4 ten years before that, Salinas’s Banco Azteca branches started loans that are offering Mexico’s poor, frequently at 50 to 60 % interest levels. 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 cash, 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 a couple of weeks following the loan is given. Business spokesman Jamie Fulmer points out that charges on tiny loans are cheaper when compared to a bank charge for a bounced check.
However the 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 cover right straight back the initial quantity they borrowed. The problem can snowball quickly. If lendees continue steadily to simply take more loans off to protect past loans, they’ll feel a squeeze: the root yearly rate of interest is 533 %. ” 5
Executive Officers
At the time of February, 2013: 6
Board of Directors
At the time of February, 2013: 7
- William M. Webster, IV, Chairman of this 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