In New Mexico, an interest rate cap on specialized emergency loans when into effect in January. Since then, big-bank promoters have endorsed the small-dollar short-term loan products offered by U.S. Bank, Bank of America, Wells Fargo, Huntington Bank, and others as alternatives. Recently, those same activists have thrown in support for the credit unions. The problem is that these loans from credit unions and big banks generally only exist on paper. How do I know? I tried applying for them. And it’s not just me. Others have reproduced the same results.
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