payday loan advance america

Advance America banks on surprise

The company sees opportunities in the nascent public recognition that it is a mainstream lender for small-dollar, short-term credit, a growing need for more credit options and, indeed, in acquisitions to increase its dominance in payday lending.

The company launched a campaign to present its typical borrower as a middle-income worker making an educated choice for a short-term, small-dollar expense between paychecks.

Its consumers see payday loans as more transparent, more convenient, more straightforward and cheaper than late fees on bills and bank charges overdrafts and bounced checks, the company says.

In a study of 250 checking account disclosures of the 10 largest banks, the Pew Charitable Trust found that the average fee of $35 on the average overdraft of $36 calculated as a loan for seven days represents annualized percentage rate of interest (APR) of more than 5,000.

Advance America’s median loan of $370 with a $55 fee, or $15 per $100, has an APR of 391 percent.

That 77 percent of bank customers have opted for overdraft privileges is evidence of demand for small, short-term loans, the company believes.

Not What You Expect

Chairman William Webster IV, Chief Executive Officer and President Patrick O’Shaughnessy and Public Affairs Vice President Jamie Fulmer discussed the business in a far-ranging interview last week at the company’s headquarters in downtown Spartanburg.

On the lobby wall is a large photo of a young couple, real life Advance America customers, against a backdrop of suburban housing, an image from its You Might Be Surprised campaign depicting its customers “as middle income, educated, employed and mostly homeowners,” as Webster put it.

That has been true since the company began in 1997 and has become even more characteristic as other small-dollar credit options have dwindled, he said.

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