Albuquerque Journal ABQ, BernCo boost option to pay day loans

Albuquerque Journal ABQ, BernCo boost option to pay day loans

A huge selection of city of Albuquerque workers have actually borrowed significantly more than $600,000 by way of a program that is new as an option to pay day loans – one the city helps promote and administer.

California-based Employee Loan Options offered 316 of its “TrueConnect” short-term loans to Albuquerque’s municipal employees underneath the auspices of a 2018 contract with all the town. The loans feature a 24.99% rate of interest and also the populous town immediately deducts loan payments – made over year – from employees’ paychecks.

TrueConnect provides “an selection for employees that are going or having via a difficulty or come in a crisis situation that will leave them in serious straits,” said Patricia Martinez, deputy director of Albuquerque’s Human Resources Department. Continue reading

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