Prosperity Works vs. Predatory Lending!

Prosperity Works vs. Predatory Lending!

Shark Hunters!
Well, you know what we did in the legislative session! All storefront products swept under the same reporting requirements and the 175% all in rate! Progress, NOT Victory, but this expected to save New Mexicans $500M over the next two years.


Many of you know that we have been working to implement an employer based product that is 24.9% called TrueConnect. There is no risk or cost to employers, has a simple set up and administration, no credit check, is paid by a payroll deduction over one year, and builds credit with each payment.

Doña Ana County
adopted and launched in February and the Town of Bernalillo in April with the following results to date.
Dona Ana County:
*125 loans since February 1

*About 18% of their employees have taken a TrueConnect Loan.

*$209,000 loaned to County employees.
Town of Bernalillo:

*8 Loans since launch in April

*About 10% of their employees have taken a TrueConnect Loan

*$13,0000 loaned to Town employees.

Estimations are that these loans in storefronts would have cost these consumers more than $550,000!   

The following entities have committed to adoption and expect to launch soon:
-Santa Fe Public Schools

-Northern NM College

-City of Albuquerque

The following entities are considering adoption:

-Bernalillo County will hear a proposal on 24 June
-Taos Public Schools

-City of Las Cruces

SO we are very excited about our reach into the for profit (free market) community to help us address the issue of predatory lending….that our legislature has been unwilling to effectively address. This represents not only a significant benefit to employers (reduced garnishments, worker stress, increased retention), employees (reduction of costs, access to fair credit, credit coaching and development) but also communities (more financially secure families, increased dollars to spend on basic needs).
If you are interested in knowing more about this opportunity, please let us know. In the mean time, SMILE.