KUNM

high interest loans

Problems Linger For Borrowers Of Fast Cash

Mar 4, 2015
Ed Williams

High interest, small dollar loans are abundant in New Mexico. Businesses offer quick cash payments for people who need money right away. But the interest rates on these loans can be as high as two thousand percent, and many people are unable to pay them off.   

This is especially true in the state's low-income communities. Statewide, storefront lending businesses outnumber fast food chain restaurants.