Albuquerque Journal. Lawmakers push for interest-rate cap on payday, name loans
By Susan Montoya Bryan / Associated Press
ALBUQUERQUE, N.M. — Bright indications, a few of them flashing neon, lure passers-by along historic Route 66 with claims of quick cash if they’re in a bind. Window dressings in strip malls, converted gasoline stations along with other storefronts in brand brand brand New Mexico’s largest city inform would-be customers they won’t need to “pay the max.”
The payday and title loan industry claims that despite a reputation that is negative little 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 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 doing such a thing unlawful to complete the collections. Continue reading