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NM lawmakers renew push to cap payday rates of interest

NM lawmakers renew push to cap payday rates of interest

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

The payday and name loan industry claims that despite a reputation that is negative tiny loan providers provide one of the few alternatives for low-income residents in brand new Mexico, where high poverty and unemployment rates are chronic.

“People require the money, ” stated Charles Horton, a brand new Mexico indigenous and creator of FastBucks. Continue reading