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Broward may offer emergency pay day loans to workers

Broward may offer emergency pay day loans to workers

Worried about predatory lenders, Broward County officials said 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 might choose to form teams with Broward County, providing crisis loans all the way to $5,000 to workers, including individuals with dismal credit ranks.

The county employs significantly more than 5,000 individuals, and union frontrunner Dan Reynolds regarding the Federation of Public Employees asked for the loan system 2 yrs ago, talking about some loan providers as “vultures.”

“those who live paycheck to paycheck must not be taken benefit of simply because previous financial challenges, quick product sales, divorces or medical dilemmas have gone these with blemished credit,” he composed in a page to County Administrator Bertha Henry.

Worker crisis loans can be obtained by the Broward County School Board, Leon and Seminole counties, the urban centers of Fort Lauderdale and Dania Beach, as well as other government and employers that are nonprofit Florida. A third-party merchant provides the mortgage, and it is repaid by the worker.

Commissioner Mark Bogen brought ahead the proposition Tuesday, saying payday lenders charge excessive interest, trapping people into an endless cycle.