Personal Loans in New Mexico:

New Mexico Payday Loan Laws and New Mexico Loan Regulations

Legal Status: Legal

Citation: N.M. Stat. Ann. §§ 58-15-32 to 38

State Licensed Online Lenders:,,
Maximum Loan Amount: $2500
Loan Term: 14 to 35 days, can be shorter by written agreement
Maximum Finance Rate and Fees: $15.50 per $100; $.50 verification fee per $100
Finance Charge for 14-day $100 loan: $16
APR for 14-day $100 loan: 416%

Debt Limits:
Maximum Number of Outstanding Loans at One Time:Total capped at 25% gross monthly income
Rollovers Permitted: None
Cooling-off Period: 10 days
Repayment Plan: Yes, equal installments over 130 day period

Collection Limits:
Collection Fees: $15 NSF fee one time per loan
Criminal Action: Prohibited

State Regulatory Agencies for Payday Loans:

Regulator: New Mexico Financial Institutions Division
Address: 2550 Cerrillos Road, 3rd Floor P. O. Box 25101 Santa Fe NM 87505
Regulatory Contact:
New Mexico Financial Institutions Division
Licensee and Permitting: Licensee Search Directory
Consumer Services – File a Complaint
Online Resources:
Predatory Lending Regulations

The cost of a personal loan:

The cost of a personal loan

The cost of a personal loan:

Personal loan costs vary based on several factors both related and unrelated to the applicant. The cost of a personal loan is affected by the sum of money you wish to borrow, as well as the period of time you will keep the loan. The credit score of each individual customer is also taken into consideration. A perfect or near perfect credit history will increase your chances of getting the lowest possible interest rate on the personal loan. When applying on 36 Month Loans you should never have to worry about any hidden fees, membership or upfront fees. The only charge applied to your loan will be the interest rate.

Personal Installment Loan Basic Terms:

  • Loan Amount: $1,000 - $10,000
  • Interest Rate: 25% - 95%
  • Lending Period: 12 Months-36 Months
  • Payment Frequency: Bi-Weekly or Monthly
  • The actual APR will be applied based on credit score and repayment history
  • No prepayment penalties or additional charges for early payments
  • The option to pay the loan in full before the due date and only pay the interest rate for the period the loan was outstanding

Installment Loan Examples:

The table below will display a representation of different loans with an annual interest rate of 35%*. Interest rates are set after assessing each customer's credit worthiness through traditional credit checks.

Borrowed Amount Loan Period Monthly Payments Total Payable Amount
$2,000 12 Months $199.93 $2,399.16
$4,000 24 Months $234.07 $5,617.68
$6,000 36 Months $271.41 $9,771.12
$8,000 36 Months $361.89 $13,028.04

* The interest rate displayed in the examples table above is only representative. Not all customers will be eligible for a loan with the lowest interest rate. The APR and loan amount is determined by several factors such as: credit history, employment history, even state law.

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