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 lent a lot more than $600,000 via a program that is new as an option to payday advances вЂ“ one the town helps promote and administer.
California-based Employee Loan Options offered 316 of their вЂњTrueConnectвЂќ short-term loans to AlbuquerqueвЂ™s municipal employees underneath the auspices of a 2018 contract because of the city. The loans have a 24.99% rate of interest while the populous town immediately deducts loan payments вЂ“ made over 12 months вЂ“ from employeesвЂ™ paychecks.
TrueConnect provides вЂњan selection for workers that are going or having via a difficulty or have been in an urgent situation situation that makes them in serious straits,вЂќ said Patricia Martinez, deputy manager of AlbuquerqueвЂ™s Human Resources Department.
Brand New Mexico has about 600 licensed payday, title along with other tiny creditors, in accordance with the state legislation and Licensing Department site. Those businesses may charge interest prices as much as 175per cent.
Officials think about usage of the loans an element of the townвЂ™s benefits package, having A trueconnect advertisement in the townвЂ™s employee advantages handbook that touts the simplicity of this application process and fast accessibility to funds. Read More