Reining in payday loans falls by wayside in New Mexico

April 12, 2015 5:55 PM

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Jill Mooney recently took out a $300 loan from a storefront business to get out of a financial jam, putting up her $1,400 car as collateral.

The Albuquerque mother of four thought it would take roughly three, $100-a-month payments to be done with the loan. But it took seven months, and the interest rate ended up being more than 200 percent.

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