Get everything you need to make an informed decision when you’re in a hurry and looking into New Mexico payday loans.
If you find yourself in a tight spot financially and are in need of a short term, small dollar loan to get by, you may be considering a payday loan. This guide will help you navigate the strict regulations around payday loans, also referred to as short term loans or cash advances.
LendUp Payday Loans
Apply for a payday loan conveniently online and borrow between $100 and $250.
- Min. loan amount: $100
- Loan term: 7–30 days
- Total costs: Depends on your state, loan product, loan amount and the term of the loan.
- Must be 18+ (19+ in Alabama)
- No security deposit needed
- Confidential and secure
- Visit the site to see if available in your state
Are payday loans legal in New Mexico?
Yes, payday loans are legal in New Mexico. New Mexico Statutes chapters 58-15-32 to 38, described as the New Mexico Small Loan Act of 1955, governs the operation of all payday lenders in this state. To offer payday loans in New Mexico, a lender must get a license from the director of the New Mexico Financial Institutions Division.
The maximum amount a payday lender can offer is limited to $2,500. However, you cannot borrow more than 25% of your gross monthly income at any one time. This includes the principal as well as fees for all your existing payday loans.
New Mexico payday loan laws let you go on a repayment plan if you cannot repay your loan in a timely manner. With a payment plan you get at least 130 days to repay the outstanding amount in relatively equal installments.
Consider these short term loan providers
Check the websites of any providers you’re interested in to confirm they operate in your state of residence.
How a New Mexico short term loan might help you
Here’s why you might consider getting a payday loan in New Mexico:
- Multiple options. You get several choices when looking for payday loans in New Mexico. Some people limit their search to online direct lenders, while others turn to direct payday lenders that operate out of physical locations. You can also seek help from payday loan matching services, getting them to do all the groundwork.
- Applying is easy. If you wish to get a payday loan in New Mexico you can complete your application in a matter of minutes. Some online payday 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 ttake one business day to disburse funds.
- Apply with poor credit history. Poor or bad creditworthiness does not 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 can think about getting a payday loan.
What fees and charges do New Mexico payday loans come with?
State laws govern how much payday lenders in New Mexico can charge as fees. Here’s what you need to know:
- Maximum finance rate and fees. A payday lender cannot charge more than $15.50 per $100 of your principal as administrative fees. A lender may impose an additional $0.50 verification fee per $100. The maximum finance charge of a 14-day $100 loan is limited to $16. The maximum annual percentage rate (APR) of a 14-day $100 loan is 416%.
- Collection fees. Payday lenders can charge no more than one $15 non-sufficient funds (NSF) fee per payday loan.
- Rollover fees. State laws don’t permit rollovers, so there are no rollover fees to worry about.
How can I apply for a New Mexico payday loan?
You can apply for a New Mexico payday loan by visiting a store-front or by submitting an online application. To qualify, you have to meet some basic eligibility criteria:
- You should be at least 18 years of age
- You should be an American citizen or a permanent resident of the US
- You should have a regular source of income
To complete your application successfully, prepare to submit some basic information:
- Your name, date of birth, social security number and a valid form of ID such as your driver’s license or passport
- Your residential address, email address and phone number
- Details about your employment and income
- If you’re applying online, details of your existing checking account
Important information about payday loans
While payday loans can be beneficial for some, they aren’t always the best option for everyone. Follow the link for more information on payday loan alternatives.
Have any more questions about New Mexico payday loans?
What is the maximum loan term of a payday loan in New Mexico?
The loan term of payday loans in New Mexico can vary from 14 to 35 days. The loan term can be shorter by written agreement.
Is there a cooling-off period requirement in between two payday loans?
Yes, state laws require a cooling-off period of 10 days.
Who can I contact to file a complaint about a payday lender in New Mexico?
You should get in touch with the New Mexico Financial Institutions Division.
What is the maximum payday loan amount in New Mexico?
You can borrow up to $2,500, depending on your eligibility.