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Albuquerque Journal ABQ, BernCo boost option to payday advances

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Albuquerque Journal ABQ, BernCo boost option to payday advances

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

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

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