Payday Loans in New Mexico

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Payday loans in New Mexico are prohibited, according to the state’s Consumer Credit Act which prohibits high-interest loans that are not repayable within five or six weeks.

In September 2011, a federal district court in New Mexico ruled that New Mexico’s statute prohibiting payday loans is preempted by Congress’ enactment of the Military Lending Act. The district court’s ruling was affirmed by a three-judge panel of the Tenth Circuit Court of Appeals in September 2013.

Are Payday Loans Legal In New Mexico?

Payday loans are legal in New Mexico. Payday loans are short-term unsecured cash advances made at high-interest rates with high penalties for non-payment within the time specified in the agreement. 

These small cash advance loans are technically called “deferred presentment transactions” under New Mexico law, but payday lending is a common term. In fact, payday lending companies have been thriving since they escaped usury laws by claiming their loans were not credited because consumers could get access to their funds so quickly.

How A New Mexico Short-Term Loan Might Help You

A New Mexico short-term loan may be ideal for unexpected expenses that arise at the end of the month. If you’re not able to pay your bills on payday, a short-term loan can give you some time to come up with the money till the next payday. 

If you’re short on cash or you can’t pay your credit card or utility bill, an emergency loan may be the answer until you are able to settle your bill. 

New Mexico payday loans are typically for amounts between $200 and $1000, but most borrowers only borrow upward of $500.

Consider These Alternatives Before Taking Out A Short-Term Loan

If you need cash because of an emergency, consider alternatives first to avoid racking up more debt. 

If you are unable to pay your bills on payday, make a budget and cut back on expenses before you take out a loan. 

You may be able to borrow money from family or friends, or perhaps you have access to an “emergency fund” through your credit union.

What Do You Need To Apply For A Loan In New Mexico?

To borrow money in New Mexico, you must apply for a payday loan with an approved lender. To find out which lenders are approved to make loans in New Mexico, check the list of “approved lenders” at the bottom of this page. 

When you apply for a payday loan, most lenders require two forms of identification (one must be your driver’s license), proof of employment (if you’re applying for a job-based loan), and most likely proof of income (pay stubs or proof that you receive Social Security disability or unemployment benefits). 

To find out what items are acceptable proof of income, check our online calculator at the bottom of this page.

FAQ

Can I get an extension of my installment loan in New Mexico?

You are not allowed to extend your loan in New Mexico. 
New Mexico payday loan companies are permitted to send you reminders prior to the date your loan is due. Your lender may encourage you to make a payment “to keep the account open.” This extension does not change the amount of interest or fees you will be charged, nor does it affect your ability to repay your loan. If you can’t pay your entire loan balance on time, most lenders require that you contact them immediately and make payment arrangements.

Who can I contact to file a complaint about a small-dollar loan lender?

You may file a complaint with the New Mexico Bureau of Consumer Protection in Albuquerque. The Bureau is responsible for enforcing the state’s Consumer Credit Act, which prohibits high-interest loans that are not repayable within five or six weeks. You may also file an individual complaint with the Federal Trade Commission (FTC) when you believe that an approved lender violated federal laws. The FTC can act on these complaints if an approved lender has broken federal laws.
The FTC conducts investigations only when there is reason to believe that consumers have been victims of deception or fraud by an approved lender (or any person or business that acts in concert with such lenders).

How long will an installment loan be on my credit report?

If you make a regular, timely payment on an installment loan in New Mexico, the length of the unpaid balance will remain on your report for one year. If you make a late payment, however, the unpaid balance will remain on your credit report for up to ten years.

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