SB 66

taberandrew via Flickr CC

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 slippery slope when the interest rate on these loans can be as high as 175 percent in New Mexico. Around the country, other states have passed laws to make those rates lower. But a bill that would have capped that rate at 36 percent here didn’t make it through the legislative session. KUNM’s Khalil Ekulona spoke to Fred Nathan, a proponent of the bill and the executive director of Think New Mexico.

taberandrew via Flickr CC

Small, fast loans often lead to a cycle of ever-deepening debt, according to the Consumer Financial Protection Bureau. Lawmakers in New Mexico are considering whether to regulate the industry here further during the 2021 legislative session. Senate Bill 66 would cap the rates and fees so that they're in line with national averages with the aim of helping people in jeopardy avoid a pit of debt they can't climb out of. KUNM caught up with reporter Jeff Proctor to talk about the effort.