Advance America, which has two Charlottesville branches, is the nation’s largest payday lender, with more than double the stores of its nearest competitors, Check ‘n Go and Check into Cash. The company, based in Spartanburg, South Carolina, is also one of the few publicly traded payday lenders, which means that it must produce an annual financial report.
 Now hiring: With a 120-percent annual turnover rate, Advance America’s employees aren’t happy. But its stockholders sure are. |
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In addition to info on revenue, profits and stores, the financial report suggests that payday lending employees aren’t exactly in love with their jobs. Annual turnover rates are 58 percent for managers and 120 percent for other employees.
Total payday centers in U.S.: 24,200
Total payday centers in Virginia (2005): 756*
Total Advance America stores: 2,832
Of those, stores in Virginia: 150
Number of Advance America payday loans: 12 million
Daily loans per store: 11.6
Average amount of payday cash advance: $361
Average charge to customer: $55
Average length of payday loan: 16.5 days
Total Advance America revenue: $709.6 million
Net income for Advance America: $54.4 million
*Source: Center for Responsible Lending; all other data comes from Advance America’s 2007 Annual Financial Report.
