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Lawmakers tackle payday financing

Lawmakers tackle payday financing

When it comes to previous many years efforts have now been made during the State Legislature to cap interest levels imposed by New Mexico’s industry that is small-loan alternatively called storefront lenders or payday lenders. Lenders make loans of $2,500 or less, with frequently interest that is extremely high and quick pay-back durations. And typically their clients are low-income New Mexicans whom require fast cash to greatly help settle payments.

The problem is back 2017, and two proposals to cap such interest levels are required become heard today in a residence committee.