Payday Loans in Bent, New Mexico

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No payday loan companies in Bent, NM. Consider companies in other cities:

Company nameAddressZip codePhone number
CFSC Speedy Loan 3030 E Main St Suite L, Farmington, NM 87402 +1 (505) 327 - 3948
MidWest Financial 252 Mills Ave, Las Vegas, NM 87701 +1 (505) 425 - 3878
World Finance 1008 Paseo Del Pueblo Sur Ste B, Taos, NM 87571 +1 (575) 751 - 9000
Walmart Money Center 1800 US-70, Ruidoso Downs, NM 88346
Sun Loan Company 1600 S Valley Dr Ste C, Las Cruces, NM 88005 +1 (575) 525 - 9091
Animas Credit Union 405 W Broadway Ave, Bloomfield, NM 87413 +1 (505) 326 - 7701
World Finance Corporation 600 Mills Ave, Las Vegas, NM 87701 +1 (505) 454 - 0677
Your Credit 3535 Gibson Blvd SE, Albuquerque, NM 87106 +1 (505) 903 - 7417
Sun Loan Company 1498 Silver Heights Blvd, Silver City, NM 88061 +1 (575) 534 - 9552
Midwest Finance 201 W Broadway St, Hobbs, NM 88240 +1 (575) 393 - 0356

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Bent, NM, you can try to find different companies in big cities near by. Check out the following pages here: Short-term Loans in Albuquerque, NM, Payday Loans in Clovis, NM, Payday Loans in Farmington, NM, Payday Loans in Hobbs, NM, Payday Loans in Las Cruces, NM, Payday Loan Without a Credit Check in Rio Rancho, NM, Quick Loan in Roswell, NM and Bad Credit Loans in Santa Fe, NM. But also, you can apply for a loan online, not coming out of your home. Just fill out a simple application on our website and we will connect you with trusted direct lenders in Bent, NM.

Beautiful sights of Bent, NM

Payday Loans Available in Bent, NM By The Following ZIP Codes:

88314

Are Payday Loans Legal In Bent, New Mexico?

Loan Rates and Fees, Laws and Regulations in New Mexico.

New Mexico Loan Regulations

Legal StatusLegal
Interest Rate (APR, %)Not specified
Maximum Loan AmountNot specified
Minimum Loan TermNot specified
Maximum Loan TermNot specified
Number of Rollovers AllowedNot specified
Finance Charges

Bent, NM payday loan calculator

What Are Payday Loans in Bent, New Mexico?

Payday loans are a type of short-term loan that is typically due on the borrower’s next payday. These loans are often used by people who need cash quickly to cover unexpected expenses, such as car repairs, medical bills, or other urgent financial needs. In Bent, New Mexico, payday loans are legal, and many lenders offer this type of loan to residents of the area.

How Do Payday Loans Work?

Payday loans typically work in the following way:

  • The borrower fills out an application for a loan, providing information about their employment, income, and other personal details.
  • The lender then evaluates the application and decides whether to approve the loan.
  • If approved, the borrower receives the loan amount in cash or via direct deposit to their bank account.
  • The loan is due on the borrower’s next payday, which is typically two weeks later.
  • The borrower must then either pay back the loan in full or renew the loan for an additional fee.

What Are the Pros and Cons of Payday Loans?

Payday loans can be a valuable source of short-term cash for people in need. However, they also come with some significant drawbacks that borrowers should be aware of.

Pros:

  • Quick access to cash: Payday loans can be approved and funded very quickly, often within a matter of hours.
  • No credit check: Most payday lenders don’t require a credit check, which means borrowers with poor credit can still qualify.
  • Flexible use of funds: Borrowers can use payday loan funds for any purpose, without restrictions from the lender.

Cons:

  • High interest rates: Payday loans can come with very high interest rates, sometimes up to 400% APR.
  • Risk of falling into debt: Because payday loans are due on the borrower’s next payday, many people find themselves unable to pay back the loan and end up renewing it multiple times, paying significant fees each time.
  • Predatory practices: Some payday lenders engage in predatory practices, such as misleading borrowers about the terms of the loan or pressuring them to renew the loan repeatedly.

Interesting Facts and Statistics about Payday Loans in Bent, New Mexico

  • In 2019, the New Mexico legislature passed a bill capping the interest rate for payday loans at 175% APR.
  • According to a report by the New Mexico Center on Law and Poverty, the average APR for payday loans in the state was 347% in 2018.
  • A state-wide survey conducted by the same organization found that 88% of borrowers had to renew their loans at least once, often leading to a cycle of debt.

Apply Now for a Payday Loan in Bent, New Mexico

If you need cash quickly to cover unexpected expenses, you may want to consider a payday loan. TheGuaranteedLoans can help connect you with potential lenders in Bent, New Mexico, who offer payday loans. Please note that TheGuaranteedLoans is a connector service, not a direct lender. Apply now to get started!

F.A.Q.

How do I repay my payday loan in New Mexico?

Typically, payday loans in New Mexico are repaid through automatic withdrawals from the borrower's bank account on the due date. However, some lenders may allow other repayment methods, such as money orders or cashier's checks.

Are there any restrictions on how I can use the money from my payday loan in New Mexico?

No, there are no restrictions on how you can use the money from a payday loan in New Mexico. You are free to use the funds for any purpose you see fit.