Payday loans in New Mexico

It seems that payday loans in New Mexico have seen some new legislation to provide some protection for consumers. Initially there were plans in place to limit payday loans to $1000 but that was declined, now consumers can borrow up to $1500 for a loan. There also are rate caps in place in hopes to stop people from getting stuck in a cycle of debt as many groups refer to it as. Local payday loan companies feel they are being picked on by legislatures and consumer groups. The industry keeps growing in the area and many groups feel that it is putting people in a corner. Right now around the country payday lenders feel like they are being put into a corner by legislatures and a select few.