Fighting insidious predatory lending in New Mexico requires a double-headed strategy: holding small-dollar lenders accountable to common-sense regulation AND expanding more fair-lending solutions to reach the people who need them most. The Albuquerque Journal published a story about how more and more New Mexico employers are offering fairly-priced credit-building loans as an employee benefit. We're proud to help employers offer this solution to stabilize their workforce and keep them out of the clutches of the loan sharks. If you know an employer or HR Professional who is interested in learning more about TrueConnect, please give us a call.
"Nearly 16,000 employees across New Mexico – predominantly in the public sector – have access to TrueConnect loans, according to Prosperity Works, a nonprofit anti-poverty organization in Albuquerque that has helped the company expand in New Mexico. Participating employers also include the city of Las Cruces, Central New Mexico Community College and Comcast New Mexico.
The loans are “one of the ways we can begin to address the fact that individuals and families need access to small-dollar lending and that they shouldn’t be punished for that by paying triple-digit APRs and being stuck in a cycle of debt that’s almost impossible to get out of,” said Michael Barrio, advocacy director for Prosperity Works."
Please visit the ABQ Journal to read the full story.