IF YOU REPAY YOUR PAY DAY LOAN ON TIME … YOU’D BE REWARDED UNDER A BILL BEING PROPOSED AT THE LEGISLATURE IN SANTA FE. HIGH INTEREST RATES … SOMETIMES UP TO 200 PERCENT … MAKE SHORT TERM PAY DAY LOANS DIFFICULT TO PAY OFF.
THE PROPOSAL FROM ALBUQUERQUE STATE REP JAVIER MARTINEZ WOULD HAVE PAYDAY LOAN COMPANIES REPORT ON-TIME PAYERS TO CREDIT REPORTING AGENCIES SO THEIR CREDIT RATINGS COULD BE BOOSTED. THEY WOULD ALSO BE REQUIRED TO REPORT CUSTOMERS WHO FALL BEHIND ON PAYMENTS TO CREDIT REPORTING AGENCIES.
NEWS PARTNER KOB-TV REPORTS MORE THAN 70 PERCENT DON’T REPAY THEIR LOANS.
