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‘Advance America’ ended up being founded 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 runs over 2,300 financing centers in 30 various states. The company website states that Advance America provides “a range that is wide of, ” which include “payday advances, installment loans, gold-buying, MoneyGram® solutions, and tax preparation. ” The web site’s tag 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 Board, William Webster and previous Chairman associated with Board, George D. Johnson.
The latest 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 incarnation that is latest of a decades-long work by previous Nixon guy switched Wall Street billionaire Pete Peterson to slash gained advantage programs such as for instance personal safety, Medicare, and Medicaid underneath the guise of repairing the country’s “debt issue. “
This informative pennsylvania installment loans article is a component for the Center for Media and Democracy’s investigation 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 went along to Republicans.
Placing poor people in Financial Obligation
In February 2012, Mexican billionaire Salinas Pliego bought Advance America for $780 million. 4 ten years before that, Salinas’s Banco Azteca branches started providing loans to Mexico’s bad, usually at 50 to 60 per cent interest levels. Forbes reported “Advance America and Banco Azteca share a complete lot in accordance. Both make use of individuals who don’t usually have actually lots of money, and both cost actually high interest rates.
An Advance America in-store loan of $1,000 in Mexico’s border state of Texas, for instance, is sold with “fee” that amounts to just about 20 per cent. The key is born fourteen days following the loan is given. Business spokesman Jamie Fulmer points out that charges on little loans are often cheaper compared to a bank cost for the check that is bounced.
However the nagging issue using this put up, relating to Jean Ann Fox, Director of Financial Services at the customer Federation of America, arises whenever lendees have difficulty repaying. 5 Then they have stuck in a cycle of taking out fully another loan to pay for straight back the original quantity they borrowed. The matter 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 %. ” 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