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Lawmakers push for interest limit on payday, name loans

Lawmakers push for interest limit on payday, name loans

ALBUQUERQUE, N.M. (AP) — Bright signs, a number of them neon that is flashing 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 along with other storefronts in brand brand New Mexico’s biggest city inform would-be customers they won’t need certainly to “pay the max.”

The payday and title loan industry states that despite a reputation that is negative little loan providers provide mostly of the alternatives for low-income residents in brand New Mexico, where high poverty and jobless prices are chronic.