New Mexico State - Payday Loans Information

Payday loans are made by payday loan stores, check cashers, and pawn shops. Some rent-to-own companies also make payday loans. Loans are also marketed via toll-free telephone numbers and over the Internet. All a consumer needs to get a payday loan is an open bank account in relatively good standing, a steady source of income, and identification. Lenders do not conduct a full credit check or ask questions to determine if a borrower can afford to repay the loan.

Legal Status: Legal

Loan Terms:

Maximum Loan Amount: $2500

Loan Term: 35 days

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 loans and fees capped at 25% of gross monthly income

Rollovers Permitted: None

Cooling-off Period: 10 days after completion of a payment plan.

Repayment Plan: Yes, equal installments over 130 day period, no additional fees.

Collection Limits:

Collection Fees: $15 NSF fee one time per loan

Criminal Action: Prohibited

Call for Cash: +1 (855) 462-5019

State Rate & Fee Regulations

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