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‘Advance America’ had been launched in 1997 and it is a publicly exchanged business under direction associated with the SEC. Advance America could be the system that is largest of non-bank advance loan services in america. Advance America runs over 2,300 lending facilities in 30 states that are different. The company website states that Advance America provides “a wide array of solutions, ” such as “payday advances, installment loans, gold-buying, MoneyGram® solutions, and tax planning. ” The web site’s label claims “Loans as much as $25 http://speedyloan.net/installment-loans-sc,000 in under a full hour. ” 1
Advance America is headquartered in Spartansburg, sc where it absolutely was established by present Chairman regarding the Board, William Webster and previous Chairman of this 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 a decades-long work by former Nixon man turned Wall Street billionaire Pete Peterson to slash gained advantage programs such as for instance personal protection, Medicare, and Medicaid beneath the guise of repairing the country’s “debt issue. “
This informative article is a component associated with the Center for Media and Democracy’s research of Pete Peterson’s Campaign to “Fix your debt. ” Please go to our primary SourceWatch web page on Fix your debt.
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Advance America formally provided $110,750 to federal prospects in the 2012 election period. 3 80% of the contributions decided to go 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, often 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 fee actually high rates of interest.
An Advance America loan that is in-store of1,000 in Mexico’s border state of Texas, for instance, comes with “fee” that amounts to simply about 20 %. The main is born fourteen days following the loan is given. Business spokesman Jamie Fulmer points out that charges on little loans are often less expensive compared to a bank cost for the bounced check.
Nevertheless the nagging issue using this arranged, based on Jean Ann Fox, Director of Financial Services at the buyer Federation of America, arises whenever lendees have trouble repaying. 5 Then they get stuck in a period of taking out fully another loan to cover right right straight back the initial amount they borrowed. The matter can snowball quickly. If lendees continue steadily to simply take more loans off to protect previous loans, they’ll feel a squeeze: the root yearly interest is 533 per cent. ” 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 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
135 N Church Street Spartanburg, SC 29306