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 вЂ“ one the city helps promote and administer.
California-based Employee Loan Options offered 316 of its вЂњTrueConnectвЂќ short-term loans to AlbuquerqueвЂ™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 вЂ“ made over year вЂ“ from employeesвЂ™ paychecks.
TrueConnect provides вЂњan selection for employees that are going or having via a difficulty or come in a crisis situation that will leave them in serious straits,вЂќ said Patricia Martinez, deputy director of AlbuquerqueвЂ™s Human Resources Department. Continue reading