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 вЂ“ one the town helps promote and administer.
California-based Employee Loan Systems supplied 316 of its вЂњTrueConnectвЂќ short-term loans to AlbuquerqueвЂ™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 вЂ“ made over year вЂ“ from employeesвЂ™ paychecks.
TrueConnect provides вЂњan selection for workers who will be going or having through a difficulty or come in a crisis situation that renders them in serious straits,вЂќ said Patricia Martinez, deputy director of AlbuquerqueвЂ™s Human Resources Department. (more…)