New Mexico Senate Passes 36% Rate Cap on Installment, Title Loans

Andy Spears
3 min readMar 4, 2021

The New Mexico state Senate passed legislation creating a 36% rate cap on short term installment and car title loans. Now, the bill moves to the House, where consumer advocates hope it will find strong support.

According to the Center for Responsible Lending, the current maximum interest rate on these types of loans in New Mexico is 175%.

State Payday Loan Rate Caps

--

--

Andy Spears

Writer and policy advocate living in Nashville, TN —Public Policy Ph.D. — writes on education policy, consumer affairs, and more . . .