New Mexico

Compare your loan options in New Mexico

A payday 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 payday loan. This guide will help you navigate the regulations around payday loans in New Mexico.

MoneyKey-arranged or MoneyKey Installment Loan

MoneyKey Loans

Apply for a payday loan, installment loan or line of credit conveniently online and enjoy great customer service.

  • Minimum loan amount: $200
  • Maximum loan amount: $1,000 (unless otherwise stated)
  • Turnaround time: As soon as 1 business day, depending on your bank’s policies
  • Loan term: Varies by state
  • Good credit not required
  • Confidential and secure
  • Must have a valid bank account, phone number and email address
  • Must be 18+ years old and have a regular source of income

    Are payday loans legal in New Mexico?

    Yes. New Mexico Statutes chapters 58-15-32 to 38 govern the operation of payday lenders and require a lender be licensed by the New Mexico Financial Institutions Division before offering a loan.

    • Maximum loan amount: $2,500
    • Loan term: 35 days or less
    • Financing fees: $15.50 per $100
    • Verification fees: $.50 per $100
    • APR: A 14-day $100 loan has an APR of 416%
    • Finance charge: A 14-day $100 loan costs $116

    Although you can borrow up to $2,500 with a payday loan, New Mexico law dictates that you can’t borrow more than 25% of your gorss monthly income at any one time, including the principal and all applicable fees.

    If you can’t afford to pay back your loan by the due date, a lender may charge you a $15 non-sufficient funds (NSF) fee per loan. In addition, New Mexico allows repayment plans of 130 days where you pay back your outstanding loan amount in equal installments. There is no option to roll over or refinance your loan.

    New regulations coming in January 2018

    New Mexico has recently passed new laws that will impact how much interest a payday lender can charge. The amount will be lowered to 145% APR, which means payday loans will be less costly and easier for consumers to pay back.

    If you’re considering a payday loan, check out these providers

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

    Rates last updated November 20th, 2017
    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
    MoneyKey-arranged or MoneyKey Installment Loan
    *Apply for money when you need it and receive your funds in as quickly as one business day.
    $1,000 (unless otherwise stated)
    Varies by state
    1 business day*
    You must be a permanent US resident or citizen, at least 18 years old, and have regular income.
    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.
    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.
    OppLoans Installment Loans
    Installment loans with competitive rates from a top-rated direct lender.
    $4,000
    9 to 36 months
    1 business day
    Open only to residents of AL, CA, DE, GA, KS, ID, IL, MO, MS, NV, NM, OH, SC, TN, TX, UT, VA and WI. Must have direct deposit to demonstrate sufficient monthly income.
    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.
    NetCredit Installment Loan
    Build a positive credit history with on-time payments and flexible repayment terms. Check your rate without affecting your credit score.
    $10,000
    Varies upon state
    1-3 business days
    Must be 18+ years old, a legal resident of the US and have a Social Security number. Minimum credit score of 550.
    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.

    Compare up to 4 providers

    What do I need to apply for a payday loan?

    You can apply for a New Mexico payday 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, an American citizen or permanent resident and 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 payday loan

    If you’re struggling to pay your everyday bills, New Mexico has a number of programs in place to help. You should consider contacting some of the programs below:

    • 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

    Our alternatives page has plenty of options for you to consider

    Bottom line

    If you’re a resident of New Mexico and need a little extra cash, a payday 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.

    Do you have any more questions about payday loans?

    Yes. State law requires a 10-day cooling off period.

    You should get in touch with the New Mexico Financial Institutions Division.

    You can have as many loans as you can afford, provided the total doesn’t exceed 25% of your gross monthly income.

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    US Payday Loans Offers

    Learn about our information service
    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.