KXXV News 25: Alternative to payday loans proposed for city employees
July 7, 2015
The Waco City Council is set to vote on an alternative to payday and title loans for city employees as part of a pilot program. According to Texas Community Capital Administrator Matt Hull, payday lending in Texas is more unregulated than in other states.
Hull said in an annual report by the Consumer Credit Commission, in 2014, 36 payday and auto title lenders in Waco charged borrowers up to $10 million in fees. The Community Loan Center would allow city employees to get small loans through an online system with a longer term for lower interest than your typical payday or auto title loan, according to TCC.
Read more here.