Payday and auto title loans are short-term, high-interest loans, usually for small amounts but with a very high price tag. These risky loans come with high-interest rates and hefty fees. For example, for a $1000 loan due in a month, the average borrower pays $775 in fees. If payment cannot be made in full, the lender charges an extension fee that could cost hundreds of dollars, and interest is applied to the principal. When the next payment is due, the cycle repeats.

The Community Loan Center (CLC) of the Heart of Texas was established explicitly to counteract predatory and financially draining practices like these. We are the low-Interest employer-based small dollar loan program that is an alternative to costly payday and auto title lenders. ​We can save you hundreds of dollars! We charge only $120 in interest and administrative fees – and we let you repay the loan in 12 months, meaning you have 11 more months to repay the loan.

Companies can partner with NeighborWorks and the CLC to offer small-dollar lending as a benefit to qualified employees. Borrowers can take out a loan up to $1000 with a flat 18% interest rate. Payments are deducted from employees’ earnings and automatically applied to their loan balance, avoiding the hidden fees and exorbitant interest customary of predatory lenders.

To find out what it takes to get your company involved with the CLC, reach out to the NeighborWorks Waco team today by calling (254) 752-1647 or by visiting the website at