Cash Pay Advance

SANTA FE (AP) - New restrictions on payday loans take effect this week, including a cap on the fees that lenders can charge consumers. Payday loans are short-term advances of cash against a borrower’s future paycheck or when a lender holds a borrower’s personal check and agrees to cash it later to cover the debt. A new state law takes effect Thursday that caps fees, limits the length of a loan and restricts the total amount that consumers can borrow. But the Center for Responsible Lending contends that New Mexico’s law doesn’t impose a meaningful cap on loan costs and won’t prevent borrowers from becoming mired in debt. Find Out More

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