By Jessica Dyer / Journal Staff Writer
Monday, July 22nd, 2019 at 12:05am
Copyright 2019 Albuquerque Journal
Hundreds of town of Albuquerque workers have http://www.cash-central.net/ actually lent 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 Options supplied 316 of their вЂњTrueConnectвЂќ short-term loans to AlbuquerqueвЂ™s municipal employees beneath the auspices of the 2018 contract using the town. The loans feature a 24.99% interest as well as the populous town immediately deducts loan payments вЂ“ made over year вЂ“ from employeesвЂ™ paychecks.
TrueConnect provides вЂњan selection for workers that are having or going through a difficulty or come in an urgent situation situation that departs them in dire straits,вЂќ said Patricia Martinez, deputy manager of AlbuquerqueвЂ™s Human Resources Department.
brand New Mexico has about 600 licensed payday, name along with other tiny loan providers, in accordance with the state Regulation and Licensing Department site. Those businesses may charge interest rates up to 175percent.
Officials give consideration to use of the loans the main townвЂ™s benefits package, having an advertisement that is trueconnect the townвЂ™s employee advantages handbook that touts the convenience associated with the application procedure and fast accessibility to funds. Continue reading Albuquerque Journal. ABQ, BernCo boost option to pay day loans