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 lent a lot more than $600,000 through a program that is new as an option to pay day loans – one the town helps promote and administer.
California-based Employee Loan Solutions offered 316 of their “TrueConnect” short-term loans to Albuquerque’s municipal employees beneath the auspices of a 2018 contract with all the city. The loans include a 24.99% rate of interest together with town automatically deducts loan payments – made over year – from employees’ paychecks.
TrueConnect provides “an option for employees who will be having or going through a difficulty or have been in a crisis situation that actually leaves them in serious straits, ” said Patricia Martinez, deputy manager of Albuquerque’s Human Resources Department.
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 site. Those companies may charge interest prices as much as 175percent.
Officials start thinking about usage of the loans the main city’s benefits package, by having A trueconnect advertisement in the city’s employee benefits handbook that touts the convenience associated with application procedure and fast option of funds.
“Sometimes most of us desire a small assistance, ” the TrueConnect page says. “We have actually partnered together with your employer to provide you a employee benefit that is voluntary. Continue reading “ABQ, BernCo boost option to payday advances”