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Albuquerque Journal ABQ, BernCo boost option to pay day loans

Albuquerque Journal ABQ, BernCo boost option to pay day loans

A huge selection of town of Albuquerque workers have lent significantly more than $600,000 through a program that is new as an option to payday advances – one the town helps promote and administer.

California-based Employee Loan Systems supplied 316 of its “TrueConnect” short-term loans to Albuquerque’s municipal employees underneath the auspices of the 2018 contract using the city. The loans feature a 24.99% rate of interest additionally the populous town automatically deducts loan payments – made over year – from employees’ paychecks.

TrueConnect provides “an selection for workers who will be going or having through a difficulty or come in a crisis situation that renders them in serious straits,” said Patricia Martinez, deputy director of Albuquerque’s Human Resources Department. (more…)