Find out 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 regarding the SEC. Advance America could be the biggest system of non-bank advance loan solutions in the us. Advance America runs over 2,300 lending centers 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 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 had been launched by present Chairman associated with the Board, William Webster and previous Chairman for the 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 the Debt could be the incarnation that is latest of a decades-long work by previous Nixon guy switched Wall Street billionaire Pete Peterson to slash acquired advantage programs such as for instance personal safety, Medicare, and Medicaid underneath the guise of repairing the country’s “debt issue. “

This informative article is part associated with the Center for Media and Democracy’s research of Pete Peterson’s Campaign to “Fix your debt. ” Please go to our sourceWatch that is main page Fix your debt.

Governmental Efforts

Advance America formally offered $110,750 to candidates that are federal the 2012 election period. 3 80% of these donations 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, usually at 50 to 60 per cent rates of interest. Forbes reported “Advance America and Banco Azteca share a complete great deal in accordance. Both make use of those who don’t typically have actually lots of money, and both fee 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 online installment loans rhode island to simply about 20 per cent. The main flow from fourteen days after the loan is released. Business spokesman Jamie Fulmer points out that charges on little loans are usually less expensive compared to a bank cost for a check that is bounced.

Nevertheless the 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 right out another loan to cover right back the amount that is original borrowed. The problem can quickly snowball. If lendees continue steadily to simply take more loans away to protect past loans, they’ll feel a squeeze: the root yearly interest is 533 %. ” 5

Executive Officers

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 for 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

Contact information

135 N Church Street Spartanburg, SC 29306

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