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'Advance America' had been established in 1997 and it is a publicly exchanged company under direction regarding the SEC. Advance America could be the system that is largest of non-bank cash loan solutions in america. Advance America runs over 2,300 financing facilities in 30 various states. The company website states that Advance America provides "a wide variety of solutions, " such as "payday advances, installment loans, gold-buying, MoneyGram® solutions, and income tax planning. " The web site's label claims "Loans up to $25,000 in less than a full hour. " 1
Advance America is headquartered in Spartansburg, sc where it absolutely was started by current Chairman of this Board, William Webster and former Chairman associated with Board, George D. Johnson.
The newest York stock market states that Advance America's total income last year 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 a decades-long work by previous Nixon guy switched Wall Street billionaire Pete Peterson to slash made advantage programs such as for online installment loans ohio instance personal Security, Medicare, and Medicaid underneath the guise of repairing the country's "debt problem. "
This informative article is a 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 your debt.
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Advance America formally offered $110,750 to candidates that are federal the 2012 election period. 3 80% of these donations decided to go to Republicans.
Placing poor people 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 providing loans to Mexico's bad, frequently at 50 to 60 % rates of interest. Forbes reported "Advance America and Banco Azteca share great deal in accordance. Both make use of those who don’t typically have actually lots of cash, 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, comes with “fee” that amounts to simply about 20 %. The key is born fourteen days following the loan is granted. Business spokesman Jamie Fulmer points out that charges on little loans are often cheaper compared to a bank charge for the bounced check.
However the issue using this put up, in accordance with Jean Ann Fox, Director of Financial Services at the buyer Federation of America, arises whenever lendees have difficulty repaying. 5 Then they get stuck in a period of taking out fully another loan to pay for straight right straight back the amount that is original borrowed. The problem 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 rate of 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 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