How to Compare Loans in New Mexico
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New Mexico Payday Loans
As a New Mexico resident, you might find yourself in a tight financial spot and need a small loan to get by. Read more on how such cash advances are regulated in this state.
Although payday loans are legal, high-interest loans are prohibited in the state of New Mexico. Loans are limited to $5,000 over 120 days and there is a small loan cap of 175%.
The Advantages of Online New Mexico Loans
New Mexico Payday Lending Regulations
- Payday should be repaid no later than 120 days;
- Lenders are prohibited from extending loans exceeding $5,000;
- Loans should not exceed 25% of a borrower’s gross monthly income;
- APRs are limited to 175%;
- Rollovers are prohibited in New Mexico State, borrowers should repay in time.
As of January 2018, small loan licensed lenders are no longer permitted to initiate new payday loans.
As a result, only small loans are now allowed in the state. Also, in accordance with the provisions of the Small Loan Act, all small loan licensees must report annually to the Financial Institutions Division.
New Mexico Payday Loan Regulations
| Legal Status | Prohibited |
| Interest Rate (APR) | 175% small loan cap |
Other Rates and Fees for New Mexico Loans
There is a small loan rate cap that prohibits charging more than 175% APR for loans up to $5,000.
The law (HB 347) is clear, in that apart from lenders who are federally insured, no lender may offer loans with an APR that is above 150% of the initial amount.
Get the Loan You Need
An online personal loan can help when you need cash for large purchases or unplanned expenses.
Payday Loan Requirements
When you apply for New Mexico payday loans online, approval can be granted in as little as one hour, with some companies offering instant approval on smaller loans.
When applying for a New Mexico cash advance, you'll need the following:
- An active checking account. This is usually for the purpose of wiring money directly to your account once approved.
- Proof of income. This includes current information about your employer, plus any disability benefits.
- A working phone number. This can be either a home or mobile phone.
- Be at least 18 years old and a U.S. citizen or a permanent resident.
- You cannot be an active member of the military.
Why Compare Personal Loans at Financer.com
Compare New Mexico Loans at Financer.com
Financer.com helps you compare the best personal loans in New Mexico as and get the best loan rates from leading lenders.
We look for lenders that offer full transparency and have a long track record of successful lending and satisfied customers. We are always improving our comparisons, but are confident in what we can bring to market, and we know you will be as well.
Use our free loan comparison tool to find the right personal loan in New Mexico and take the guesswork out of doing all the legwork yourself.
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New Mexico Loans - FAQs
Are payday loans legal in New Mexico?
How can I apply for a payday loan in New Mexico?
High-interest loans are prohibited in New Mexico, but you can apply for a small loan of up to $5,000 over a maximum repayment period of 120 days. Alternatively, you can apply for a personal loan online.
What are the fees on an installment loan in New Mexico?
A New Mexico loan of $5,000 has a cap of 175% APR.
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