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

ALBUQUERQUE, N.M. (AP)

Bright indications, a number of them blinking neon, lure passers-by along historic Route 66 with claims of quick money if they’re in a bind. Window dressings in strip malls, converted filling stations and other storefronts in brand New Mexico’s biggest city inform would-be customers they won’t need certainly to “pay the max.”

The payday and name loan industry states that despite an adverse reputation, little loan providers provide mostly of the choices for low-income residents in brand brand New Mexico, where high poverty and jobless prices are chronic. 続きを読む