Do New Mexicans Need Protection From Storefront Lenders?
KUNM Call In Show 3/5 8a:
Critics say short term loans trap New Mexicans in a cycle of poverty. Often borrowers end up paying more than the amount of the loan in interest. But lending industry supporters say people who take out storefront loans know exactly what they are getting into and that there aren't other easy ways to get small loans quickly.
State lawmakers in Santa Fe are considering changes to how the storefront loan industry is regulated. Should we let the free market work it out or do New Mexicans need protection from what some call predatory lending?
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