Advance America

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‘Advance America’ ended up being started in 1997 and it is a publicly exchanged business under guidance associated with SEC. Advance America could be the system that is largest of non-bank advance loan solutions in america. Advance America operates over 2,300 lending centers in 30 states that are different. The company website states that Advance America provides “a wide selection of solutions, ” such as “payday advances, installment loans, gold-buying, MoneyGram® solutions, and taxation planning. ” The internet site’s label claims “Loans as much as $25,000 in less than hour. ” 1

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Advance America is headquartered in Spartansburg, sc where it absolutely was established by present Chairman regarding the Board, William Webster and former Chairman for the 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 Fix your debt could be the latest incarnation of the decades-long work by previous Nixon guy switched Wall Street billionaire Pete Peterson to slash received advantage programs such as for instance Social 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 sourceWatch that is main page Fix your debt.

Governmental Contributions

Advance America formally provided $110,750 to candidates that are federal the 2012 election cycle. 3 80% of the contributions went along 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 per cent interest rates. Forbes reported “Advance America and Banco Azteca share a complete great deal in keeping. Both make use of those who don’t usually have actually lots of money, and both fee actually high rates of interest.

An Advance America loan that is in-store of1,000 in Mexico’s border state of Texas, as an example, is sold with “fee” that amounts to simply about 20 per cent. The main is born fourteen days following the loan is given. Company spokesman Jamie Fulmer points out that charges on tiny loans are cheaper compared to a bank charge for the check that is bounced.

However the nagging issue using this arranged, 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 cover straight right straight back the amount that is original borrowed. The matter can snowball quickly. If lendees continue steadily to simply take more loans out 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 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 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

Contact information

135 N Church Street Spartanburg, SC 29306

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