Austin community lender launches option to payday advances

Austin community lender launches option to payday advances

Raquel Valdez anticipated to break even yet in about 2 yrs.

Valdez and her peers at company and Community Lenders of Texas, or BCL, had been getting ready to introduce a unique small-dollar financing system in Dallas, providing about 13,000 city workers an alternate to costlier payday and auto-title loans.

The city Loan Center of Dallas sent its very first announcement in March 2015. They’d fielded more than 1,000 calls, received 482 applications and funded more than $400,000 in loans by the end of the month.

” It in fact was a crazy month of March,” said Valdez, chief officer that is operating BCL, that is a nonprofit.

Demand settled down into the months to follow along with. But amongst the town and about five other private organizations in the Dallas area, the sheer number of month-to-month applications held steady within the 75 to 100 range.