Albuquerque Journal. ABQ, BernCo boost option to payday advances
By Jessica Dyer / Journal Staff Writer
Monday, July 22nd, 2019 at 12:05am
Copyright 2019 Albuquerque Journal
A huge selection of town of Albuquerque workers have actually borrowed a lot more than $600,000 through a program that is new as an option to payday advances вЂ“ one the town helps promote and administer.
California-based Employee Loan Systems supplied 316 of its вЂњTrueConnectвЂќ short-term loans to AlbuquerqueвЂ™s municipal workers underneath the auspices of a 2018 contract using the town. The loans include a 24.99% interest rate and also the populous town immediately deducts loan payments вЂ“ made over year вЂ“ from employeesвЂ™ paychecks.
TrueConnect provides вЂњan selection for workers who will be having or going through a difficulty or come in a crisis situation that actually leaves them in dire straits,вЂќ said Patricia Martinez, deputy manager of AlbuquerqueвЂ™s Human Resources Department.
brand New Mexico has about 600 payday that is licensed name along with other tiny loan providers, in line with the state legislation and Licensing Department site. Those organizations may charge interest prices as much as 175percent.
Officials think about usage of the loans the main townвЂ™s benefits package, by having A trueconnect ad in the townвЂ™s employee advantages handbook that touts the convenience associated with the application procedure and fast accessibility to funds.More