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Albuquerque Journal Lawmakers push for interest-rate cap on payday, name loans

By |agosto 22nd, 2021|

Albuquerque Journal Lawmakers push for interest-rate cap on payday, name loans

By Susan Montoya Bryan / Associated Press

ALBUQUERQUE, N.M. — Bright indications, many of them flashing neon, lure passers-by along historic Route 66 with claims of quick money if they’re in a bind. Window dressings in strip malls, converted gasoline stations as well as other storefronts in brand brand New Mexico’s city that is largest inform would-be customers they won’t need to “pay the max.”

The payday and name loan industry states that despite a reputation that is negative tiny loan providers offer mostly of the choices for low-income residents in brand brand New Mexico, where high poverty and unemployment prices are chronic. […]