Bad Credit Online Magazine - Daily News and Advice on Credit, Debt and Mortgage : New Mexico payday loan stores are in for the harder times

« Credit card payment processing company is a takeover target | Main | Credit card companies don't have to disclose data security breaches »

September 24, 2005

New Mexico payday loan stores are in for the harder times

Payday loans in New Mexico have had an easy and prosperous life for sometime. However, there is more tough criticism coming from the powerful New Mexico Public Interest Research Group (NMPIRG). That comes on the hills of just declared war against New Mexico payday loans, lead by Lt. Gov. Diane Denish.

New Mexico is one of the poorest states and it doesn't regulate payday advance loan industry. Huge fees and interest rates are common. NMPIRG demands total ban on what it calls "predatory lending" and "abusive practises". The key demand is to cap interest at 36 percent. Read more on payday advance loans in New Mexico.

Posted in Payday Loans at September 24, 2005 11:00 AM

Email this entry to a friend

Welcome

Bad Credit Advisor online magazine provides daily news about credit, debt and mortgage. We aren't paid to mention specific deals or products. We cover what we think is interesting as industry professionals ourselves.

Information

About
Contact
Disclaimer

Syndicate

RSS 2.0 Feed