Item L6 BOARD OF COUNTY COMMISSIONERS
AGENDA ITEM SUMMARY
Meeting Date: August 20, 2014 Division: _County Administrator
Bulk Item: Yes _ No x Department: County Administrator
Staff Contact Person/Phone#: Roman Gastesi/292-4441
AGENDA ITEM WORDING: Presentation by BMG Money that offers the "LoanAtWork"
program.
ITEM BACKGROUND:
PREVIOUS RELEVANT BOCC ACTION:
CONTRACT/AGREEMENT CHANGES:
STAFF RECOMMENDATIONS:
TOTAL COST: N/A INDIRECT COST: BUDGETED: Yes No
DIFFERENTIAL OF LOCAL PREFERENCE:
COST TO COUNTY: SOURCE OF FUNDS:
REVENUE PRODUCING: Yes No AMOUNT PER MONTH Year
APPROVED BY: County Atty OMB/Purchasing Risk Management
DOCUMENTATION: Included Not Required
DISPOSITION: AGENDA ITEM#
Revised 7/09
LoansAtWark helps your
LOANS
WORK,AT byees responsibly manage
emp
emergency expenses
FIXED RATES A14D FIXED PAYlAE14TS140 COST TO EMPLOYERS
Payments are deducted from the Employers pay nothing to make
employee's payroll, not to exceed LoansAtWork available to their
20% of their take-home pay. employees.
EIAPLOYlAE14TBASED ELIGIBILITY140 LIABILITY M
Loans are approved based on Employers verify employment and
employment status with no credit make payroll deductions - it's that
checks, allowing access to credit for simple. If an employee leaves for
those that need it the most. any reason, the employer has no
liability or risk.
BUILDS CREDIT
On-time payments are reported to " �^
consumer reporting agencies.
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LOANS Unexpected Expenses Can
AT
Lead to Risky Financial
woaK / Solutions
1/3 of your workers 6-24 month payment term
will not even qualify
for most mainstream 24.61% average interest rate
financial products
� Payments under 20% of [ake-
LoansAtWork fills in home pay
the gap - providing Automated payroll deductions
your employees with
a Netter way to get Information and tools to make
short-term loans smartfinancial decisions
F inanr'ial Access at a Reasonable Lost
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FINANCEANNUAL
AMOUNT
PERCENTAGE T FINANCED
TASA DE PORCENTAJE ANUAL INTERES CREDITICIO TOTAL OF NUMBER
(The cast of your cre&f MONTO DEL CREDITO
expressed as an annual rate, (The dollar amount the cre&f PAYMENTS (S) OF PAYMENTS
Assumes a 14 day hold r,e6od) wall cost you) (The amount we pay to you) TOTAL DE PAGOS NUMERO DE PAGOS
(El costo del credito que usted obtiene, (El monto en d6lares de to que le (El monto que nosotros le
expresodo como tasa anual.Se asume costar6 a usted el cr6dito) pagamos a usted).
un perfodo de retenci6n de 14 dias)
.....................................................................................
312.86% $6.00 $50.00S . 1
% $11.00 $100.00II1. 1
% $31.00 $300.00331. 1
3% $41.00 $400.00 $441.001
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The Money Superstore" Cash Advance Fee Board-Rev 11/2012