New Mexico Payday Loan

Looking for cash? With so many available options, it can be a daunting process for some. Same Day Payday is proud to offer a comprehensive list of lender profiles and user reviews. Or browse our city listings to find a store near you.

Another great option that saves loads of time is applying online, all from the comfort of your own home. The application only takes a few minutes to finish and if approved, you can get funded usually within one business day so that the checks that would have bounced the following day will not do so. Be sure to fill out your information completely and accurately. SameDayPayday encourages responsible borrowing. Always read a lenders terms and conditions before agreeing and therefore accepting a loan. And never take out a loan you cannot repay or do not intend to pay back. The consequences could be severe.

Payday Loan Lending laws for New Mexico

In New Mexico Payday Lending is legal, and there are not many laws that regulate the practice. The maximum you can borrow is $2,500 with a loan term from 14 to 35 days- or shorter, by written agreement. The finance charge for a $100 payday loan for 14 days is $16. In New Mexico you can have as many loans out as you want, as long as the total caps at 25% of your gross monthly income. No extensions are allowed.

New Mexico used to have many payday lenders with 760 payday centers in operation. In 2011, the number fell drastically to 215. The internet, however, has an astounding amount of searches for payday loans. In an early 2017 search, “payday loans New Mexico” turned up 486,000 hits!

Banks and financial institution regulations are left up to individual states but the cash advance lending industry in particular floats atop the often rocky legal seas. While lenders lobby ardently to enable lending practices, their equally impassioned detractors lobby to prohibit short-term loans under the name of consumer protection.

The state motto of New Mexico, also known as “The Land of Enchantment” is: “It Grows as It Goes.”

New Mexico Payday Loan - Cities

• Alamogordo
• Albuquerque
• Angel Fire
• Carlsbad
• Chaparral
• Clovis
• Dexter
• Edgewood
• Espanola
• Farmington
• Gallup
• Grants
• Hobbs
• Kirtland
• Las Cruces
• Las Vegas
• Los Lunas
• Rio Rancho
• Roswell
• Ruidoso
• Ruidoso Downs
• San Jon
• Santa Fe
• Santa Teresa
• Silver City
• Socorro
• Sunland Park
• Tijeras