New Mexico Payday Loans

Since 2001, the state of New Mexico has put consumers first by enacting strict lending policies for cash advance businesses. The most obvious example of this is the legal requirement these lenders have of posting a large sign, warning customers that the fees and interest charged are higher than other financial institutions. A clear, written contract is required for all lending transactions and it must include the amount being borrowed, along with any other fees and the due date. New Mexico payday lenders must also inform customers that they cannot take criminal steps against those that fall into default. Consumers in New Mexico must request at least $50 in order to receive a payday loan.

Maximum Principal

There is no limit to the dollar amount of payday loans, but the principal cannot exceed 25 percent of the consumer's net monthly income.

Length of Loan

There are no state regulations on loan terms.

Rollovers

There are no state regulations on extensions or rollovers.

Fees

There is no cap on the finance rates a payday lender can charge. These lenders can also charge an administrative fee of $15.50 for every $100 borrowed.

APR

Since there is no limit on interest fees, there is not a set APR for payday loans in New Mexico. Lenders are required by law, however, to make the APR very clear in loan contracts.

Checkmate
1625 Rio Bravo Boulevard Southwest Suite 9
Albuquerque, NM 87105
Checkmate
9450 Candelaria Road Northeast Suite A
Albuquerque, NM 87112
Check Plus
3296 Coors Boulevard Northwest Suite K
Albuquerque, NM 87120
1st Payday Loans
425 Eubank Boulevard Northeast Suite B
Albuquerque, NM 87123
Allied Cash Advance
6001 Lomas Boulevard Northeast Suite K
Albuquerque, NM 87110
E-Z Payday Loans
4410 Central Avenue Southwest Suite A
Albuquerque, NM 87105
Allied Cash Advance
4770 Montgomery Boulevard Northeast
Albuquerque, NM 87109
Cash Register Systems Inc
6011 Constitution Avenue Northeast
Albuquerque, NM 87110
Title Cash
22218 Southern Boulevard Southeast
Albuquerque, NM 87101
Fast Cash Now
3230 San Mateo Boulevard Northeast
Albuquerque, NM 87110

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New Mexico Loan Statistics

Pay Schedule
Average Loan Average Age Weekly Bi-Weekly Monthly Twice Per Month Home Owner Renter
2012$6674119%48%19%14%41%59%
2011$646389%63%17%11%31%69%
2010$6504013%61%13%13%35%65%