storefront loans

We have ten days left in this legislative session. This is the point where everything starts moving very quickly - almost frantically - so lawmakers can get to all of the bills they care about before time runs out. On today's #YNMG we’re going to focus on House Bill 132, a bill that would limit interest rates on storefront loans - you know, the kinds of loans given in strip malls that sometimes require a car title as collateral. They’re problematic for the way they tend to cluster in less affluent parts of town and for the exceptionally high interest rates that often keep borrowers trapped in a cycle of debt that’s difficult to escape.

Storefront lenders offering payday loans or title loans are a quick way to get money for people who are often in dire straits financially. And it can be a…

Small, fast loans often lead to a cycle of ever-deepening debt, according to the Consumer Financial Protection Bureau. Lawmakers in New Mexico are…