Predatory Lending

As a result of Prosperity Works legislative advocacy in conjunction with other partners across the state, New Mexico’s high-interest, short term loan industry is 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 new legislation, we estimate New Mexicans will save $500 million over the next two years. We call that progress, not victory.  Prosperity Works continues to fight for more fair-lending practices in New Mexico, while ensuring that the new law is enforced and tightened to be as effective as possible.  These videos tell the story of why we fight.