New Mexico Payday Loans and Cash Advances
Payday loans in New Mexico have a special status as of 2018 – technically speaking, they are no longer payday loans, but personal or installment loans. They still can be used as emergency tools for receiving money with very few requirements and minimal income level. Read on about how we can help you qualify for a loan of up to $5,000 repayable in 120 days.
Are payday loans legal in New Mexico?
No, short-term (payday) loans are no longer legal in the state. However, there exist installment loans, which are technically the same advances, but stretched over a longer period of time.
How to get a payday loan in New Mexico
One way to get a payday loan in the state of New Mexico is to apply online. Our website offers a full range of services dedicated to helping consumers find a lender with the lowest fees. We operate through uniquely diversified offers – it means we have hundreds of lenders, many of them will be happy to approve your application even if you apply with a poor credit score. Applying for a personal or installment loan in New Mexico with us is easy, fast and absolutely free of charge. It is also the most effective way to get approved within a few minutes and receive money urgently.
You need to be an American citizen and a resident of New Mexico, to have a regular source of income, a checking or savings account, and a valid email address. Share your personal details and upload a valid ID issued by the state, and we will get back to you within a few minutes with several offers by lenders ready to send you the money.
What are the minimal and maximal loans I can count on in New Mexico?
As of January 1, 2018, the state of New Mexico allows having a loan issued for sums between $500 and $5,000.
What motivates New Mexico citizens to apply for a loan?
As often as not, New Mexico residents apply for personal loans in order to defer other debts or loans, usually more urgent or more expensive. Other reasons for applying for a loan are making repairs at home, paying for having one’s car repaired, facing unexpected expenses like medical bills, accidents, or using the money to go on a dream vacation. At our website, lenders ask no questions about the purposes for which you take out a personal loan.
Users often ask us:
How many payday loans can I have in New Mexico?
You can have one loan at any given moment in the state of New Mexico.
What regulations apply to payday loans in New Mexico?
The main difference is that unlike payday loans throughout the country, cash advances here are not so short-term: they are issued for the minimal of 120 days and need to be repaid in four equal installments. Also, the APR rates are the lowest in the country and fixed at 175% by the state.
Can I actually get a payday loan in New Mexico?
Yes, you can, albeit the statutes regulating payday loans in New Mexico are significantly more rigid than in other states – but they protect you as a borrower way more! This makes the business virtually non-profitable in New Mexico, this is why it is challenging to find a lender ready to approve your candidacy, especially if you have a bad credit history. Not for us! At our website, we guarantee that you will get approved for a loan of up to $5,000 by one of the legally operating payday loan lenders with the best fees.
Here is how you calculate APR for your loan
Before you apply for a loan with a particular lender, you need to calculate how much the loan will actually cost you. You can always shop around and choose the lenders with the lowest rates – our website offers multiple deals to pick from.
Step 1. Calculate the interest charged per day: to this end, divide the APR by the number of days in the year.
Step 2. Multiply the daily interest rate calculated in the previous step by the loan principal
- Loan Amount: $1,000
- Loan Term: 120 days
- APR (Annual Percentage Rate): 175%
- Total Repayments: $1,183.56
- Cost of Loan: $383.56
We are prepared to answer any questions you have left about payday loans in New Mexico. Send us a message on the Contacts page, and we will get back to you with timely answers and the cheapest solutions designed specifically for you!