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What are the payday loan laws and regulations in New Mexico?
The state of New Mexico allows people to obtain payday loans but with certain conditions. The small and cash loans are regulated by the law as stated in N.M. Stat. Ann. §§ 58-15-32 to 38.
The following basic terms and conditions apply:
- Maximum amount of loan: USD 2500
- Maximum term of loan: 35 days
- Maximum finance rate: 15.5%
- Maximum loans at a time: no number is specified but the total amount of loans cannot exceed the 25% of the borrower’s gross monthly salary
- No rollovers are permitted
- Cooling off period: 10 days after completion of a payment plan
- Repayment plan: it’s called equal installment and it can be obtained for the duration of a 130 day period
How much can you be charged by a payday lender in New Mexico?
- Additional fee: USD 50 verification fee
- Verification fee changes with the amount of loan
- Extra finance charge: USD 14 NSF: USD 15 / loan
Further administrative charges may be applied by lenders. Therefore everyone is advised to look around and get well informed before obtaining a payday loan Check especially the following information:
- History ( if any criminal actions, lawsuits were started against the company
- Charges, fees and extra conditions
Your rights as a borrower in NM
All further information on loans and licensing can be obtained from the regulatory board which is the New Mexico Financial Institutions Division. It is very important to note that lenders are prohibited from lending an amount that exceeds the 25% of the debtor’s monthly salary.