Advance America

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‘Advance America’ ended up being launched in 1997 and it is a publicly traded business under guidance regarding the SEC. Advance America may be the largest system 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 offers “a wide array of solutions, ” such as “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 a full hour. ” 1

Advance America is headquartered in Spartansburg, sc where it absolutely was launched by present Chairman associated with the Board, William Webster and previous Chairman associated with the Board, George D. Johnson.

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

This informative article is 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 page on Fix your debt.

Governmental Efforts

Advance America formally provided $110,750 to federal prospects in 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 purchased 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 % interest levels. Forbes reported “Advance America and Banco Azteca share great deal in keeping. Both work with those who don’t typically have actually lots of cash, and both fee interest that is really high browse around this web-site.

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 key flow from fourteen days following the loan is released. Business spokesman Jamie Fulmer points out that charges on tiny loans are usually cheaper than the usual bank charge for the bounced check.

However the nagging issue using this put up, relating to 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 right out another loan to pay for straight back the initial quantity they borrowed. The matter can quickly snowball. If lendees continue 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

As 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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