Payday Loans in New Mexico (NM)

Need a New Mexico payday loan? All you need is this:

The basic conditions of getting a payday loan in New Mexico includes the following:

  • The borrower needs to be over the age of legally considered to be an adult
  • The borrower needs to be a US citizen or hold a resident card
  • The borrower needs papers to confirm he/she holds a proper job and gets paid on a regular basis.
  • An identity card is also necessary for the application

Nationwide Payday Loans. Fast, easy and safe. Instant approval online.

Apply Now

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:

  • License
  • 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.