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

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

By Susan Montoya Bryan / Associated Press

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

The payday and name loan industry states that despite a bad reputation, tiny loan providers provide mostly of the alternatives for low-income residents in New Mexico, where high poverty and jobless rates are chronic.

“People require the amount of money,” stated Charles Horton, a fresh Mexico indigenous and creator of FastBucks. “We’re licensed, we’re regulated, we’re perhaps not out breaking kneecaps and anything that is doing to accomplish the collections. [Read more…]