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

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 blinking neon, lure passers-by along historic Route 66 with promises of quick money if they’re in a bind. Window dressings in strip malls, converted filling 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 claims that despite a bad reputation, tiny loan providers provide mostly of the choices for low-income residents in brand New Mexico, where high poverty and jobless prices are chronic.

“People require the amount of money,” stated Charles Horton, an innovative new Mexico indigenous and creator of FastBucks. “We’re licensed, we’re regulated, we’re not out breaking kneecaps and doing any such thing unlawful doing the collections. Weiterlesen