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City Workers Cheaper Alternative to Payday Loans – CW33 NewsFix

DALLAS–Sometimes the end of the money comes before the end of the month, and you’ll looking anywhere to get some extra cash.

It seems like there’s a payday lender on every corner, ready to give you a quick loan.

The Consumer Service Alliance of Texas says they’re in business because of “demand that was not being met by existing lenders.”  They say they welcome innovation in the lending industry.

But their interest rates can be really high, and that can put you in an expensive cycle of debt.

Texas is one of the least-regulated states, with no cap on payday loan rates.  Dallas was the first city in Texas to step in and restrict payday lenders.  Other Texas cities followed suit.

Now Dallas is going to the next level, with the Community Loan Center.

If their employers participate, borrowers can get up to a thousand bucks.  The loan can be paid off over a year at 18 percent or less. The payments are reported to credit agencies, which can help borrowers qualify for traditional credit.

All that could make you feel like you’re rolling in dough instead of drowning in debt.

Filed in: NewsFix


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City Workers Cheaper Alternative to Payday Loans – CW33 NewsFix

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