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‚Advance America‘ had been created in 1997 and it is a publicly exchanged business under guidance of this SEC. Advance America could be the system that is largest of non-bank advance loan solutions in america. Advance America operates over 2,300 financing facilities in 30 states that are different. The company website states that Advance America provides „a range that is wide of, “ including „payday advances, installment loans, gold-buying, MoneyGram® solutions, and income tax 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 of this Board, William Webster and previous Chairman regarding the Board, George D. Johnson.
The newest York stock market states that Advance America’s total revenue last year had been $623.86 million. 2
Ties to Pete Peterson’s „Fix the Debt“
The Campaign to correct your debt may be the latest incarnation of a decades-long work by previous Nixon guy switched Wall Street billionaire Pete Peterson to slash received advantage programs such as for example 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 investigation of Pete Peterson’s Campaign to „Fix your debt. “ Please check out our main SourceWatch web page on Fix your debt.
About Fix your debt
Advance America formally provided $110,750 to candidates that are federal the 2012 election period. 3 80% of these contributions decided to go to Republicans.
Placing the indegent with debt
In February 2012, Mexican billionaire Salinas Pliego bought Advance America for $780 million. 4 a decade before that, Salinas’s Banco Azteca branches started offering loans to Mexico’s bad, usually at 50 to 60 % interest levels. Forbes reported „Advance America and Banco Azteca share lot in keeping. Both make use of individuals who don’t traditionally have actually lots of cash, and both fee actually high rates of interest.
An Resources Advance America in-store loan of $1,000 in Mexico’s border state of Texas, for example, is sold with “fee” that amounts to simply about 20 per cent. The key is born a couple of weeks following the loan is given. Business spokesman Jamie Fulmer points out that charges on little loans are often cheaper than a bank charge for the check that is bounced.
However the nagging 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 right out another loan to pay for right straight back the initial quantity they borrowed. The problem can snowball quickly. If lendees continue steadily to simply simply take more loans away to protect past loans, they’ll feel a squeeze: the root yearly interest is 533 percent. “ 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
As of February, 2013: 7
William M. Webster, IV, Chairman of this Board and Director
J. Patrick O’Shaughnessy, President and Chief Executive Officer (Principal Executive Officer), and Director
James A. Ovenden, Executive Vice President and Chief Financial Officer (Principal Financial Officer)