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

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