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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:
However, if you’re still looking for a short-term loan, check out which lenders are offering installment loans in your state.
Check the websites of any providers you’re interested in to confirm they operate in New Mexico.
Here’s why you might consider getting a short-term loan in New Mexico:
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:
If you meet these qualifications, you’ll need to supply some extra information:
If you’re applying online, the lender may also require you give it access to an active checking account.
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:
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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