Without a doubt about Proposal renews debate on pay day loans

Without a doubt about Proposal renews debate on pay day loans

SANTA FE – The debate over capping brand New Mexico interest levels on storefront loans may not yet be over.

3 years after state lawmakers authorized a bill that capped small-loan interest levels at 175per cent, a prominent Santa Fe-based think tank is proposing that the cap be lowered significantly – to 36% – and economic literacy classes be manufactured a graduation dependence on twelfth grade pupils statewide.

Fred Nathan, executive manager of Think New Mexico, said the proposed modifications would allow state residents to better protect their individual funds.

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