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BCL of Texas has recently launched the Community Loan Center of Dallas and the Community Loan Center of Austin, a non-profit affordable alternative to payday loans. The Community Loan Centers are part of a statewide consortium of community development lenders that are active in managing the employer-based small dollar loan program. The proliferation of payday lenders proves that there is a demand for short-term loans that are easily accessible. The purpose of the program is to provide ready access to affordable credit and create long-term financial stability.
Loans of up to $1,000 are available to employees of enrolled employers at terms of up to 12 months, with an interest rate capped at 18%. Payments are made via automatic payroll deduction and are reported to credit bureaus so as to help boost the credit score of borrowers and provide better credit options for the future.