How the war on specialized emergency loans has hurt New Mexicans.
Tag: Lending
Specialized emergency lenders play a crucial role in providing access to credit for individuals who may not qualify for traditional loans from banks or credit unions, and can be a lifeline for those facing unexpected expenses or a temporary financial setback.
David Silberman has a history of weaponizing the government to routinely and aggressively target the very products he is now charged with assessing the safety and affordability of.
Kip MorseChief Executive OfficerBetter Business Bureau3033 Wilson Blvd, Suite 600Arlington, Virginia 22201 Dear Mr. Morse, We are seeking clarifications regarding a new report published by your organization on small-dollar lending on September 1, 2022. https://www.bbb.org/all/scamstudies/payday_loan_scams_study.html While the report includes dozens of false assertions about the industry – from using the meaningless metric of APR, to […]
Originally published at Santa Fe New Mexican on June 11, 2022. Earlier this year, as New Mexico debated legislation limiting to 36 percent the annual percentage rate for consumer loans in the state, the primary witness testified in support of the bill before the Consumer and Public Affairs Committee. Claims were made that do not hold […]