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‘Advance America’ ended up being created in 1997 and is a publicly exchanged business under guidance for the SEC. Advance America could be the system that is largest of non-bank cash loan solutions in the usa. Advance America runs over 2,300 lending 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 hour. ” 1
Advance America is headquartered in Spartansburg, sc where it absolutely was launched by current Chairman of this 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 in 2011 ended up being $623.86 million. 2
Ties to Pete Peterson’s “Fix the Debt”
The Campaign to correct your debt could be the latest incarnation of the decades-long work by previous Nixon guy turned Wall Street billionaire Pete Peterson to slash made advantage programs such as for instance personal protection, Medicare, and Medicaid beneath the guise of repairing the country’s “debt issue. “
This short article is component associated with the Center for Media and Democracy’s research of Pete Peterson’s Campaign to “Fix the Debt. ” Please go to our primary SourceWatch web page on Fix the Debt.
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Advance America formally offered $110,750 to candidates that are federal 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 loans that are offering Mexico’s bad, frequently at 50 to 60 per cent interest levels. Forbes reported “Advance America and Banco Azteca share great deal in keeping. Both make use of those who don’t usually have actually lots of cash, and both cost interest that installment loans online south carolina is really high.
An Advance America loan that is in-store of1,000 in Mexico’s border state of Texas, as an example, comes 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 less expensive compared to a bank cost for a bounced check.
Nevertheless the issue using this arranged, 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 right back the initial quantity they borrowed. The matter can snowball quickly. If lendees continue steadily to simply simply take more loans out to protect previous loans, they’ll feel a squeeze: the root yearly interest is 533 %. ” 5
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 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
135 N Church Street Spartanburg, SC 29306