Without a doubt about ABQ, BernCo boost option to payday advances

Without a doubt about ABQ, BernCo boost option to payday advances

A huge selection of town of Albuquerque workers have lent a lot more than $600,000 through a brand new system meant as an option to pay day loans – one the city helps promote and administer.

California-based Employee Loan Systems offered 316 of its “TrueConnect” short-term loans to Albuquerque’s municipal employees beneath the auspices of a 2018 contract because of the town. The loans include a 24.99% rate of interest as well as the town immediately deducts loan payments – made over 12 months – from employees’ paychecks.

TrueConnect provides “an selection for workers who will be going or having via a difficulty or have been in a crisis situation that renders them in serious straits,” said Patricia Martinez, deputy manager of Albuquerque’s Human Resources Department. Continue reading Without a doubt about ABQ, BernCo boost option to payday advances