New Mexico Problems New Rules For Payday Advances; You Could Be Charged Up To 175% Interest

New Mexico Problems New Rules For Payday Advances; You Could Be Charged Up To 175% Interest

Commentary: ALBUQUERQUE, NM – This week, the latest Mexico finance institutions Division (FID) released regulations that are highly anticipated a legislation which imposed a 175% rate of interest limit on tiny loans. The law (HB 347) which passed during the 2017 New Mexico legislative session, ensures that borrowers have the right to clear information about loan total costs, allows borrowers to develop credit history via payments made on small-dollar loans, and stipulates that all such loans have an initial maturity of 120 days and cannot be subject to a repayment plan smaller than four payments of loan principal and interest in addition to capping small-dollar loan APR. […]