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New Mexico Counties Voluntary Employee Loan Benefit Program
  • Board of Directors endorsed the TrueConnect/New Mexico Counties loan benefit program partnership 10/2017
  • Alternative to payday loans which can trap borrowers in a cycle of debt
  • Approximately 15%-20% of employees will take advantage of the program for emergency small loans from $1,000 to $3,000
  • Safe, affordable (only 24.99% APR vs the state cap of 175% as of 1/1 2018), and at no cost or risk to the county
  • Includes free financial education and credit counseling services
  • No credit score used to quality
  • Eligibility based on income and tenure; no more than 8% of an employee’s paycheck for repayment
  • Payments reported to credit agencies, helping employees rebuild or establish credit
  • 15 states plus DC cap interest rates at 36% (as of 1/2018)
How the TrueConnect Loan Program Works
  • Web-based platform that facilitates the loan process through payroll deduction
  • Each payroll period, the county will send an automated report to TrueConnect
  • Deductions are aggregated and paid either as an ACH or a check to the lender
  • Payroll deductions work like other employee benefits; loan amount same each payroll
  • Loan amount goes directly to the lender; best convenient way for employee to pay off loan
  • Currently, Doña Ana, Taos, and recently Socorro Counties are using this program
  • Employee is responsible for the loan; if employee leaves the county before it is paid off, TrueConnect/lender work directly with ex-employee
  • Works in conjunction with Sunrise Banks out of Minnesota; agreements with Rio Grande Credit Union (counseling only) in Albuquerque area and Guadalupe Credit Union (loans and counseling) in the Santa Fe area

Interested in adding this to your county commission agenda for consideration? Please contact Susan Mayes at or 505-469-0042 (Santa Fe) for a presentation.


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