Tue, 3 February 2015
When it comes to pay-day, and auto title loans in the State of New Mexico, not even the sky's the limit on interest rates. University of New Mexico Law School Professor Nathalie Martin told Dave Marash on HERE AND THERE, she's documented New Mexico loans that cost borrowers more than 1000% a year. In 2007, the US Congress protected military service personnel and their families from this kind of predatory lending. The law, Martin said, isn't perfect, but it could help model an interest rate cap to protect poor New Mexicans.