Advance America

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Advance America

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Advance America installment loans in south carolina no credit check

Find out more about Pete Peterson-funded astroturf projects during the Fix your debt Portal.

‘Advance America’ ended up being started in 1997 and it is a publicly exchanged business under direction associated with 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 wide number of solutions, ” such as “payday advances, installment loans, gold-buying, MoneyGram® solutions, and taxation 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 created 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 had been $623.86 million. 2

Ties to Pete Peterson’s “Fix the Debt”

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

This short article is component regarding the Center for Media and Democracy’s research of Pete Peterson’s Campaign to “Fix your debt. ” Please check out our sourceWatch that is main page Fix the Debt.

Governmental Efforts

Advance America formally provided $110,750 to candidates that are federal the 2012 election period. 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 a decade before that, Salinas’s Banco Azteca branches started loans that are offering Mexico’s poor, usually at 50 to 60 % rates of interest. Forbes reported “Advance America and Banco Azteca share great deal in keeping. Both make use of individuals who don’t usually have actually lots of cash, and both fee 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 arrives a couple of weeks following the loan is given. Business spokesman Jamie Fulmer points out that charges on tiny loans are usually less expensive than the usual bank charge for a check that is bounced.

Nevertheless the nagging issue using this put up, based on 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 out fully another loan to pay for straight back the initial quantity they borrowed. The problem can snowball quickly. If lendees continue steadily to simply take more loans away to cover previous loans, they’ll feel a squeeze: the root yearly rate of 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 Chief Executive Officer

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


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