Payday Loans in Coyote, New Mexico

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

Company nameAddressZip codePhone number
World Finance Corporation 394 Sudderth Dr, Ruidoso, NM 88345 +1 (575) 257 - 5840
World Finance Corporation 621 W Santa Fe Ave, Grants, NM 87020 +1 (505) 285 - 5746
New Mexico Title Loans, Inc. 460 S County Line Dr, Chaparral, NM 88081 +1 (575) 824 - 4056
New Mexico Bank & Trust 1612 E Spruce St, Portales, NM 88130 +1 (575) 356 - 1060
Ready Money 5041 Main St #102, Santa Fe, NM 87507 +1 (505) 471 - 5600
Larry's Pawn & Music 926 E Pine St, Deming, NM 88030 +1 (575) 546 - 9442
World Acceptance 101 S Copper St, Deming, NM 88030 +1 (575) 546 - 7100
Jackson Hewitt Tax Service 2001 H.R. Ashbaugh Dr, Truth or Consequences, NM 87901 +1 (575) 616 - 3165
Security Finance 2355 McNutt Rd, Sunland Park, NM 88063 +1 (575) 874 - 0800
Regional Finance 2404 Cerrillos Rd, Santa Fe, NM 87505 +1 (505) 424 - 3378

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Coyote, NM, you can try to find different companies in big cities near by. Check out the following pages here: Guaranteed Loans in Clovis, NM, Payday Loan Without a Credit Check in Farmington, NM, Payday Loans in Hobbs, NM, Payday Loans in Las Cruces, NM, Payday Loans in Rio Rancho, NM, Short-term Loans in Roswell, NM, Same Day Loans in Santa Fe, NM and Payday Loan Without a Credit Check in Alamogordo, 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 Coyote, NM.

Beautiful sights of Coyote, NM

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

87012

Are Payday Loans Legal In Coyote, 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

Coyote, NM payday loan calculator

Note: The following article is for informational purposes only and should not be taken as financial advice. Payday loans are legal in Coyote, New Mexico, but borrowers should exercise caution when considering this type of financing.

What are Payday Loans?

A payday loan is a short-term, high-cost loan that is typically repaid on the borrower’s next payday. They are designed to help individuals bridge the gap between paychecks when unexpected expenses arise.

Payday loans are for small amounts and come with high interest rates and fees. In Coyote, New Mexico, payday loans are legal. However, the state has put some regulations in place to protect borrowers from predatory lending practices.

How do Payday Loans Work in Coyote, New Mexico?

If you’re considering a payday loan in Coyote, New Mexico, it’s important to understand how they work and what the requirements are. To qualify for a payday loan, you must:

  • Be at least 18 years old
  • Have a steady income source
  • Have a checking account in your name
  • Provide proof of identity and residence

Once you meet these requirements, you can apply for a payday loan by submitting an application. If approved, you can receive funds as soon as the same day or the following business day. Repayment terms and the total cost of the loan will vary depending on the lender and the amount borrowed.

Regulations on Payday Loans in Coyote, New Mexico

New Mexico has put some regulations in place to protect borrowers from predatory lending practices. The state regulates the maximum amount you can borrow, the fees that lenders can charge, and the length of the loan term.

According to New Mexico law, payday loans cannot exceed 25% of your gross monthly income. Additionally, lenders can charge a maximum of $15.50 for every $100 borrowed. Loans cannot exceed 35 days, and lenders must disclose the total cost of the loan before you sign the contract.

Interesting Facts and Statistics About Payday Loans in Coyote, New Mexico

  • According to a study by Pew Charitable Trusts, the average payday loan borrower is in debt for about five months out of the year, spending an average of $520 in interest and fees to repeatedly borrow $375.
  • The Consumer Financial Protection Bureau (CFPB) found that four out of five payday loans are rolled over or renewed within 14 days, meaning borrowers end up paying more in fees than the original loan amount.
  • According to the New Mexico Financial Institutions Division, there were 762 licensed payday lenders in the state as of 2020.

Apply Now with TheGuaranteedLoans

If you need a payday loan in Coyote, New Mexico, TheGuaranteedLoans can help. We are not a direct lender, but we work with a network of lenders who may be able to provide you with the funds you need.

To get started, simply fill out our online application. We’ll connect you with potential lenders who can provide you with loan offers and terms that meet your needs. From there, it’s up to you to choose the loan that works best for your situation.

Remember, payday loans are a short-term solution and should not be used to address long-term financial problems. Borrow only what you need and make sure you can repay the loan on time to avoid additional fees and interest charges.

F.A.Q.

How much can I borrow with a payday loan in New Mexico?

In New Mexico, the maximum amount that can be borrowed with a payday loan is $2,500.

What is the interest rate for payday loans in New Mexico?

The interest rate for payday loans in New Mexico is capped at 175% annual percentage rate (APR).