For the previous many years efforts are made during the State Legislature to cap rates of interest imposed by New Mexico’s small-loan industry, alternatively called storefront lenders or payday lenders. Lenders make loans of $2,500 or less, with frequently very high rates of interest and quick pay-back durations. And typically their clients are low-income New Mexicans who require fast money to greatly help settle payments.
The problem is back 2017, and two proposals to cap interest that is such are anticipated become heard today in a residence committee. Sigue leyendo We let you know about Lawmakers tackle payday lending