KUNM

Regulation and Licensing Department

Lawmaker Wants To Cap Storefront Lending Rates

Feb 2, 2015
Daquella manera via Flickr

The average person who takes out a short-term loan borrows about $650 and pays about 340 percent interest.  But rates on payday, title and installment loans would be capped at 36 percent if reformers get their way during the 2015 legislative session.

There were 657 small loan companies in New Mexico in 2013, many charging more than 175 percent, according to a report from the state Regulation and Licensing Department.