Can I actually get a payday loan in New Mexico? | finder.com
New Mexico

Compare your loan options in New Mexico

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

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.

OppLoans Installment Loans

OppLoans Installment Loans

OppLoans offers borrowers fast funding with lower interest than a typical payday loan.

  • Minimum Loan Amount: $500
  • Maximum Loan Amount: $4,000
  • Loan Term: 9 to 36 months
  • Turnaround Time: 1 business day
  • Must be 18+ years old (19+ in Alabama)

    Are payday loans legal 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.

    Check out these providers for short-term loans in New Mexico

    Check the websites of any providers you’re interested in to confirm they operate in New Mexico.

    Rates last updated April 22nd, 2018
    Unfortunately, none of the short term loan providers currently offer loans in your state. Learn more about short term loans in your state to find an alternative.
    Name Product Product Description Maximum Loan Amount Term of Loan Turnaround Time Requirements
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $4,000
    9 to 36 months
    1 business day
    Open to residents of AL, AK, AZ, CA, DE, FL, GA, ID, IL, IN, KS, KY, MI, MN, MO, MS, NE, NV, NM, OH, OK, OR, SC, TN, TX, UT, VA, WI and WY. Must have direct deposit and meet minimum income requirements.
    CashUSA Installment Loans
    $10,000
    90 days to 72 months
    As early as 1 business day
    Monthly income of $1,000+ after taxes and valid checking account.
    Slam Dunk Loans
    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.
    $2,500
    Varies by lender
    As soon as next business day
    Must be employed, receive regular income, earn at least $800 a month, have a checking account, be 18+ yrs old and a US citizen.
    BadCreditLoans.com
    With straightforward, simple qualifications, these loans offer easy approval for people with poor credit.
    $5,000
    3 to 36 months
    Varies
    Depending on lender requirements, people from all 50 states may not be eligible for a personal loan.
    Blue Trust Loans Installment Loans
    Get an installment loan from an online tribal lender. Perks for returning borrowers.
    $2,000
    6 months
    As soon as next business day
    Must be at least 18 years old and have a verifiable source of income with direct deposit into your checking account.
    CashNetUSA Loan
    Apply for a short-term loan with an easy online application and dedicated customer service.
    Varies by state
    Varies by state
    1 business day
    You must be a US citizen or permanent resident, be at least 18 years old and have regular income and a bank account.
    HonestLoans Installment Loans
    Get a flexible installment loan with fast funding through one easy online application form.
    $2,500
    Varies by lender
    As soon as one business day
    Must be employed and receive regular income, earn at least $800 a month, have a checking account and be an 18+ years old legal US citizen.
    MaxLend Installment Loans
    Get up to $1,000 as a first-timer, with loans of up to $2,000 and lower APRs for repeat borrowers.
    $2,000
    6 months
    As soon as the next business day
    Must be at least 18 years old and a US citizen, have a valid bank account and provide a verifiable source of income.

    Compare up to 4 providers

    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 to 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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    US Payday Loans Offers

    Important Information*
    Slam Dunk Loans

    Potentially get approved for a short-term loan through this lender-connection service, even with poor credit history.

    LendUp Payday Loans

    LendUp offers $250 loans for first-time borrowers. Good credit is not required. Visit the site to see if available in your state.

    Check into Cash Payday Loan

    With 1,000 branches in 30 states, get $50 to $1,000 in days from this direct lender.

    OppLoans Installment Loans

    Installment loans with competitive rates from a top-rated direct lender.

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