Predatory Lending

In collaboration with our statewide partners, Prosperity Works helped secure a "stepping stone" legislative victory regarding interest caps for New Mexico’s high-interest, predatory lending industry. The industry is now covered by the “all in” cap rate of 175%. That new rate applies to all new Title, Pay Day, Installment, and Refund Anticipation Loans. As a result of this legislation, we estimate New Mexicans will save $500 million over the next two years.

We call that a "stepping stone" victory because 175% is still egregiously high. As mentioned in our advocacy priorities, Prosperity Works will continue to fight for more equitable fair-lending practices in New Mexico. These videos tell the story of why we must keep the fight alive.