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Advance America

Advance America

Learn more about Pete Peterson-funded astroturf projects in the Fix your debt Portal.

‘Advance America’ ended up being established in 1997 and it is a publicly exchanged business under guidance regarding the SEC. Advance America may be the biggest system of non-bank cash loan services 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 range that is wide of, ” 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 absolutely was established by present Chairman associated with the Board, William Webster and previous Chairman for the Board, George D. Johnson.

The latest 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 latest incarnation of the decades-long work by previous Nixon guy switched Wall Street billionaire Pete Peterson to slash acquired advantage programs such as for example personal protection, Medicare, and Medicaid underneath the guise of fixing the country’s “debt issue. “

This short article is a component associated with 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.

Governmental Efforts

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

Placing poor people with debt

In February 2012, Mexican billionaire Salinas Pliego bought Advance America for $780 million. 4 ten years before that, Salinas’s Banco Azteca branches started providing loans to Mexico’s online installment loans south carolina bad, usually at 50 to 60 per cent rates of interest. Forbes reported “Advance America and Banco Azteca share a complete great deal in keeping. Both make use of those who don’t typically have actually a lot 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 per cent. The key flow from fourteen days following the loan is granted. Business spokesman Jamie Fulmer points out that charges on tiny loans are usually cheaper when compared to a bank fee for a check that is bounced.

Nevertheless the issue using this put up, relating to 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 cycle of taking out fully another loan to pay for straight right back the amount that is original borrowed. The matter can snowball quickly. If lendees continue steadily to simply simply take more loans off to protect previous loans, they’ll feel a squeeze: the root yearly interest is 533 per cent. ” 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 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

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