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Compare your loan options in New Mexico

An installment loan might be an option if you need extra money between paychecks.

When you have unplanned expenses and are on a tight budget, a payday loan could be helpful. Payday loans, a type of short-term loan, give you quick access to money when you need it. Read on to find out about the laws in New Mexico and everything else you should know about how payday advances work.

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Name Product Filter Values Loan amount Turnaround time Requirements
Smart Advances
Not rated yet
Smart Advances
$100 to $20,000
As soon as one business day after loan closing
Have a regular income, 18+ years old, be a U.S. citizen with a valid SSN, have an open bank account, meet any additional requirements your lender may have
Smart Advances was designed to help you request the loan you need, for any reason.
EarnIn
Not rated yet
EarnIn
Get up to $100 per day or $750 per pay period.
1 to 2 business days, or in minutes with Lightning Speed.
Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work
No mandatory fees, no interest, and no credit checks. Subject to EarnIn terms & conditions
Cleo
Not rated yet
Cleo
Up to $250
3 to 4 days standard transfer. Same day with $3.99 express fee.
Not stated
Automatically monitor your spending plus access cash advances up to $100 at a time.
Albert
Not rated yet
Albert
Up to $250
2–3 business days or instant for a fee
Checking account 2+ months old receiving direct deposit, 2+ months working for the same employer, positive account balance, most recent paycheck was on-time, funds still available in bank account 24 hours after most recent payday.
Get up to $250 overdraft protection if you sign up for Albert's banking app.
Brigit
Not rated yet
Brigit
Up to $250
1 to 3 business days or instant with a fee of $0.99 to $3.99, or a $9.99/mo. subscription with small fee, or free with $14.99/mo. subscription.
Bank account must have at least 60 days of activity, Balance must be above $0 and have an average minimum balance on pay day
Have up to $250 automatically deposited into your account — for a $9.99 membership fee.
LendYou Short-term Loans
Finder Rating: 2.5 / 5: ★★★★★
LendYou Short-term Loans
Up to $1,000 for payday loans and up to $5,000 for installment loans
1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Fast5kLoans Short-term Loans Connection Service
Finder Rating: 3.5 / 5: ★★★★★
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
Smart Advances
Not rated yet
Smart Advances
$100 to $20,000
As soon as one business day after loan closing
Have a regular income, 18+ years old, be a U.S. citizen with a valid SSN, have an open bank account, meet any additional requirements your lender may have
Smart Advances was designed to help you request the loan you need, for any reason.
EarnIn
Not rated yet
EarnIn
Get up to $100 per day or $750 per pay period.
1 to 2 business days, or in minutes with Lightning Speed.
Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work
No mandatory fees, no interest, and no credit checks. Subject to EarnIn terms & conditions
Cleo
Not rated yet
Cleo
Up to $250
3 to 4 days standard transfer. Same day with $3.99 express fee.
Not stated
Automatically monitor your spending plus access cash advances up to $100 at a time.
Albert
Not rated yet
Albert
Up to $250
2–3 business days or instant for a fee
Checking account 2+ months old receiving direct deposit, 2+ months working for the same employer, positive account balance, most recent paycheck was on-time, funds still available in bank account 24 hours after most recent payday.
Get up to $250 overdraft protection if you sign up for Albert's banking app.
Brigit
Not rated yet
Brigit
Up to $250
1 to 3 business days or instant with a fee of $0.99 to $3.99, or a $9.99/mo. subscription with small fee, or free with $14.99/mo. subscription.
Bank account must have at least 60 days of activity, Balance must be above $0 and have an average minimum balance on pay day
Have up to $250 automatically deposited into your account — for a $9.99 membership fee.
LendYou Short-term Loans
Finder Rating: 2.5 / 5: ★★★★★
LendYou Short-term Loans
Up to $1,000 for payday loans and up to $5,000 for installment loans
1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Fast5kLoans Short-term Loans Connection Service
Finder Rating: 3.5 / 5: ★★★★★
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
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If you find yourself in a tight spot financially, you may be considering a small-dollar loan. This guide will help you navigate the regulations around payday loans in New Mexico.

No, they’re not. While payday loans used to be legal in the state of New Mexico, as of January 1, 2018, they no longer are. The recent overhaul to the New Mexico House Bill 347 places strict regulations on small-dollar loans. These new laws have placed the following limits on loans under $5,000:

  • Max APR: 175%
  • Loan term: at least 120 days
  • Repayment: minimum of four equal payments

However, if you’re still looking for a short-term loan, check out which lenders are offering installment loans in your state.

How a New Mexico short-term loan might help you

Here’s why you might consider getting a short-term loan in New Mexico:

  • Multiple options. You get several choices when looking for loans in New Mexico. Some people limit their search to online direct lenders, while others turn t o direct lenders that operate out of physical locations. You can also seek help from loan matching services, getting them to do all the groundwork.
  • Applying is easy. If you wish to get a short-term loan in New Mexico you can complete your application in a matter of minutes. Some online lenders work in verifying your credentials using the Internet, so you don’t have to worry about faxing documents
  • Get money quickly. When you apply at a store-front you can get access to approved funds as soon as you’re approved and you accept the loan contract. With online applications, the processing time depends on the lender you choose, but most take one business day to disburse funds.
  • Apply with poor credit history. Bad credit doesn’t have to stand in the way of your getting credit. As long as you have a steady job and can demonstrate an ability to repay, you could likely get a short-term loan.

What do I need to apply?

You can apply for a New Mexico installment loan by visiting a storefront or by submitting an online application. To qualify, you have to meet some basic eligibility criteria:

  • Be at least 18 years old
  • Be an American citizen or permanent resident
  • Have a regular source of income

If you meet these qualifications, you’ll need to supply some extra information:

  • Personal details, such as your name, date of birth, Social Security number and a valid form of ID
  • Contact details, such as your address, email and phone number
  • Employment details, such as your employer, how long you’ve worked and your monthly income

If you’re applying online, the lender may also require you give it access to an active checking account.

Consider these alternatives before taking out a short-term loan

If you’re struggling to pay your everyday bills, New Mexico has a number of programs in place to help. You could consider contacting some of these local programs to get financial assitance:

  • Temporary Assistance for Needy Families (TANF)
  • Supplemental Security Income (SSI)
  • Low Income Home Energy Assistance Program (LIHEAP)
  • Supplemental Nutrition Assistance Program (SNAP)
  • New Mexico Energy $mart Program

Get info on financial assistance programs in your area

Bottom line

If you’re a resident of New Mexico and need a little extra cash, an installment loan might be an option. Determine if you have the ability to repay before taking one out and be sure to read over the terms of your contract before you apply.

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