Payday and auto title loans can feel like a financial lifeline, but they often turn into a never-ending cycle of debt. With sky-high interest rates and crushing fees, these loans can quickly spiral out of control, leaving borrowers in a worse financial position than when they started. Fortunately, there’s a better way.
The Community Loan Center (CLC) of the Heart of Texas offers a low-cost, employer-based loan program designed to help hardworking individuals cover unexpected expenses—without the stress of excessive fees and short repayment terms.
Why Choose CLC?
With CLC, borrowers can access up to $1,000 with a manageable 12-month repayment plan. That’s a significant advantage compared to payday loans, which demand full repayment in just a few weeks.
Here’s how CLC helps borrowers save:
- Lower Costs – Borrowers pay just $120 in fees over the life of the loan, compared to an average of $775 in payday loan fees.
- Affordable Payments – Repayment happens over a full year, not in just two to four weeks.
- No Hidden Surprises – No rollover fees, no collateral required, and no prepayment penalties.
Unlike payday loans, which often trap borrowers in a cycle of high-interest debt, CLC loans are designed to provide real financial relief without creating a long-term burden.
How It Works
The CLC of the Heart of Texas partners with local employers to offer this loan program as a benefit to their employees. Here’s what makes CLC a smart choice:
- Loan amounts from $400 to $1,000
- Fixed 18% interest rate with a $20 administrative fee
- No credit history or collateral required
- Fast funding – money is deposited usually within 48 hours
- Once half of the loan is paid off, borrowers can borrow again
- Free financial literacy resources included
A Real-Life Success Story
For Katelyn Sharp, Property Manager at NeighborWorks Waco, the CLC Loan Program was a game-changer. She used the program to cover extra holiday expenses for her two boys.
“The process was super easy. I applied online and found out I was approved in about ten minutes,” Katelyn shared. With a manageable payment of just $42-$43 every two weeks, the loan fit comfortably within her budget, helping her enjoy the holiday season without financial stress. “I’ll definitely be using the CLC loan program again next Christmas!”
How Employers Can Get Involved
Employers have the power to offer their workforce a safer, smarter alternative to payday loans by partnering with the Community Loan Center of the Heart of Texas. This program helps employees stay financially stable and reduces financial stress, all at no cost to you.
Ready to help your employees break free from the payday loan cycle? Contact NeighborWorks Waco at (254) 752-1647 or visit www.clchot.org to apply or to learn more about bringing CLC to your workplace.
