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 significantly more than $600,000 via a brand new system intended as an option to payday advances вЂ“ one the town helps promote and administer.
California-based Employee Loan Options supplied 316 of their вЂњTrueConnectвЂќ short-term loans to AlbuquerqueвЂ™s municipal employees beneath the auspices of a 2018 contract with all the town. The loans include a 24.99% rate of interest in addition to town immediately deducts loan payments вЂ“ made over year вЂ“ from http://mycashcentral.com/ employeesвЂ™ paychecks.
TrueConnect provides вЂњan selection for workers who’re having or going through a difficulty or have been in a crisis situation that will leave them in serious straits,вЂќ said Patricia Martinez, deputy manager of AlbuquerqueвЂ™s Human Resources Department.
brand brand New Mexico has about 600 payday that is licensed name as well as other small loan providers, in line with the state legislation and Licensing Department web site. Those businesses may charge interest prices as much as 175percent.
Officials give consideration to usage of the loans area of the townвЂ™s benefits package, having A trueconnect ad in the townвЂ™s employee advantages handbook that touts the convenience of this application process and fast accessibility to funds. Continue reading Albuquerque Journal. ABQ, BernCo boost option to payday advances