Broward can offer crisis pay day loans to employees

Broward can offer crisis pay day loans to employees

Concerned with predatory lenders, Broward County officials stated they’re going to start thinking about employees that are offering loans with reduced rates of interest.

Commissioners decided to look for bids from financial institutions whom may want to form teams with Broward County, providing crisis loans all the way to $5,000 to workers, including people that have dismal credit ranks.

The county employs significantly more than 5,000 individuals, and union leader Dan Reynolds for the Federation of Public Employees asked for a financial loan program 2 yrs ago, talking about some loan providers as «vultures.»

«those who reside paycheck to paycheck must not be taken advantageous asset of simply because previous challenges that are financial short product product product sales, divorces or medical dilemmas have gone all of them with blemished credit,» he composed in a page to County Administrator Bertha Henry.

Worker crisis loans can be obtained because of the Broward County class Board, Leon and Seminole counties, the towns and cities of Fort Lauderdale and Dania Beach, along with other governmental and employers that are nonprofit Florida. a vendor that is third-party the mortgage, and it is reimbursed because of the employee.

Commissioner Mark Bogen brought ahead the proposition Tuesday, saying payday lenders charge excessive interest, trapping individuals into a cycle that is endless. […]

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