The Mouthpiece: Jamie Fulmer of Advance America

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This payday lending mouthpiece and respected tweeter freely admits that payday advances are high-risk. He additionally states that customers are caught with debt rounds since they like pay day loans a great deal. Really.

The Information:

Jamie Fulmer Has Been Senior Vice President of Public Affairs at Advance America Since 2010

  • Fulmer is Senior Vice President of Public Affairs at Advance America since 2010. Their tenure during the business started in 2004 as Director of Public Affairs. Fulmer LinkedIn Profile, 4/30/15

Fulmer’s Boss (Advance America CEO Patrick O’Shaughnessy) had been Appointed to your Consumer Advisory Board associated with CFPB, Which Oversees Payday Lenders

  • CFPB Announced O’Shaughnessy’s Appointment up to a term that is three-year its customer Advisory Board. During the time of their visit, CFPB Director Richard Cordray said in a press declaration that Advisory Board users would “provide valuable input to simply help us better understand the consumer monetary market.” CFPB Press Release, 8/24/14
  • CFPB Oversees Payday Lenders like O’Shaughnessy’s Advance America. “The CFPB has authority to oversee the loan that is payday and started its direction of payday loan providers in January 2012.” CFPB Press Release, 11/6/13
  • CFPB Is Considering New Rules for the Payday Lending Industry That Will Likely Protect Customers. “During an industry hearing Tuesday on payday financing, CFPB director Richard Cordray stated the bureau is trying to get the approach that is right protect customers available on the market for pay day loans. ‘As we look forward to our next actions, i am going to frankly state that individuals are actually into the belated phases of y our factors regarding how we are able to formulate new guidelines to bring required reforms for this market,’ he stated.” Consumerist, 3/25/14

The Numbers Don’t Lie, Advance America depends on your debt period to revenue

  • From 2009-11 Advance America Reported That Customers Received an Average of approximately Eight payday loans each year
    • In ’09, Advance America Reported Serving 1,316,000 clients and Originating 10,860,000 payday loans Which Averages to 8.25 payday loans Per Consumer. Advance America 2011 SEC 10K
    • This season, Advance America Reported Serving 1,310,000 clients and Originating 10,027,000 money improvements Which Averages to 7.65 payday loans Per Consumer. Advance America 2011 SEC 10K
    • Last year, Advance America Reported Serving 1,347,000 clients and Originating 10,561,000 Cash improvements Which Averages to 7.84 payday loans Per client. Advance America 2011 SEC 10K

Former Advance America Staff Paint an image of Hardball Tactics with clients

  • A Former Manager of Advance America Said That “An Overwhelming Percentage” Of Customers Re-Borrow Every Two Weeks and Can’t get free from The “What generally seems to Be a Never-Ending period of Payday Loan Debt.” Stephen Martino had written, “Since I’m a former supervisor for Advance America, personally i think like i must react. Payday lenders argue that clients look for pay day loans as being a “responsible way” to control their funds. Whatever they tactfully ignore, nonetheless, could be the higher level of regularity of which clients utilize the loan product that is payday. The stark reality is, a percentage that is overwhelming of spend their loan every fourteen days and then re-borrow upon every check out. This goes on for years because customers just can’t seem to get out of what appears to be a never-ending cycle of payday loan debt in many cases. Truth be told, that is exactly exactly how these organizations make their funds. Payday loan providers ensure it is sound as though their item is just an one-time deal. In addition they claim their charge of $40 for a $400 loan is not just sensible, but affordable. However in my experiences that are own I’ve seen clients continue borrowing for a long time. Over and over I’ve witnessed clients get caught-up into the alleged pay day loan debt period, also it had been my task to limit consumer payment plan choices and encourage the repeated use of the pay day loan item.” Patch, 6/2/12
  • Former worker of Advance America: we might are offered in in early stages The third Of The Month When Disability and Social safety Advantages appeared for the clients to money Their Checks and rub Out Their Checking Accounts. “One previous worker of Advance America describes some tricks associated with trade. Talking regarding the condition of privacy (because he along with other workers had been obligated to signal a privacy contract upon leaving the company), this previous store worker claims that numerous of their customers had been on impairment or Social Security: “They would may be found in for a little loan and compose a check to your business dated the next of this thirty days, whenever their federal government checks would show up. Most of the Advance America workers had been needed to also come in early that day, therefore we’re able to quickly cash their checks and eliminate their checking accounts.” PR Watch, 9/16/10
  • Advance America worker: a Goal that is primary was Get clients to restore Their Loans and business workplaces had been More worried about Renewal Rates versus paid down Loans. a main aim is getting clients to continually restore their loans. “We had to contact our figures every evening to Advance America’s headquarters that is corporate. These were perhaps perhaps not enthusiastic about figures on whom paid their loans, but up on who renewed their loans. They desired people to cover the attention rate and keep consitently the loan going and going,” says the previous employee.” PR Watch, 9/16/10
  • Advance America worker: we’d head to the accepted place of work of Our clients have been Late On re re Payments: “The Key ended up being Embarrassment and Intimidation.” This worker additionally struggled to obtain a right time into the collection division, where he had been instructed never to go to individuals in the home, but to attend people’s job first. “We wouldn’t normally inform their bosses where we had been from, but we might carry a clip board with your title about it in a way that is prominent. We’d request that any particular one be pulled from the factory flooring, to not ever gather, but to help keep them in the hook. One of the keys had been embarrassment and intimidation.” PR Watch, 9/16/10

Advance America Admits It Takes Financial Obligation Cycle in Order to Endure

  • Advance America On Loan Cap of Five Per Person: “We Can’t Live On Five.” “On Wednesday, Del. G. Glenn Oder, R-Newport Information, a foe of payday lenders, expressed frustration aided by the cash-store operators, whom dispensed almost $1.5 billion in loans year that is last. “The industry wishes absolutely absolutely nothing,” Oder stated in the opportunity encounter with Carol Stewart of Advance America, a publicly exchanged loan provider. “We can’t live on five loans,” Stewart responded.” Richmond Times-Dispatch, 2/29/08

Fulmer Admitted That Pay Day Loans Are Risky

  • Fulmer On Payday Lending: “There Are Inherent Risks. Clients Needs To Be Careful.” “Advance America vice that is senior Jamie Fulmer stated customers need to have the option of a quick payday loan once the gas bill arrives, as opposed to face belated charges, overdraft charges or energy reconnection expenses. payday loans in Vermont “The cash advance isn’t unlike other credit items around,” Fulmer “There are inherent dangers. clients must certanly be careful. They have to very carefully think about each of their choices, after which they have to result in the decision that is perfect for them.” AP, 2/23/13
  • Fulmer Said you can find dangers with payday advances and clients “Have to Be Careful” and additionally they “Can enter into a predicament Where They’re Irresponsibly that is utilized. Fulmer stated the potential risks a part of payday advances aren’t unlike those associated with other styles of lending. “Anytime a customer makes use of almost any credit they need to be careful,” he stated. “Not unlike virtually any kind of credit, customers could possibly get into a scenario where they’re used irresponsibly.” The News Headlines Virginian, 1/9/11
  • Fulmer: “It’s Not really a Predatory Loan” Though “We Do Have Concerns more than a number that is small of that do maybe Not Use This Product Responsibly.” “Jamie Fulmer, manager of public affairs for Advance America, the biggest pay check home loan company in the nation, said, “It’s maybe not a predatory loan. Despite exactly just just what experts state, our clients aren’t unsophisticated. They know they will have options, they will have alternatives. They normally use our items to simply help bridge the space, as it’s more affordable than bouncing a check. Maybe maybe Not unlike some other credit items on the market, we do have issues over a small amount of clients that do maybe perhaps not utilize this item responsibly, therefore we have re re payment plans at no fee that is additional assist those clients.” NBC – 2 WCBD, 7/1/08