Payday Loans in Mescalero, New Mexico

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

Company nameAddressZip codePhone number
TitleMax Title Loans 1514 N Prince St, Clovis, NM 88101 +1 (575) 763 - 9390
TitleMax Title Loans 701 S Main St, Roswell, NM 88203 +1 (575) 627 - 2201
Loanmax Title Loans 120 S White Sands Blvd, Alamogordo, NM 88310 +1 (575) 434 - 2138
Security Finance 5 George Ct b, Edgewood, NM 87015 +1 (505) 281 - 9222
Noble Finance 1015 S Main St, Roswell, NM 88203 +1 (575) 622 - 0900
Bank of the Southwest 121 E Hall St, Hatch, NM 87937 +1 (575) 267 - 1095
Jackson Hewitt Tax Service 1800 US-70, Ruidoso Downs, NM 88346 +1 (575) 616 - 3134
Internationalites Federal Credit Union 901 N Canal St, Carlsbad, NM 88220 +1 (575) 885 - 4027
Mega Loans 2603 E Main St, Farmington, NM 87401 +1 (505) 326 - 0122
Peoples Bank 121 E Main St # D, Red River, NM 87558 +1 (575) 754 - 6225

Payday Loan Companies in Nearby Cities

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

Beautiful sights of Mescalero, NM

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

88340

Are Payday Loans Legal In Mescalero, 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

Mescalero, NM payday loan calculator

What You Need to Know About Payday Loans in Mescalero, New Mexico

If you’re a resident of Mescalero, New Mexico, you may be wondering whether payday loans are a viable option for you in times of financial need. Payday loans are a type of short-term lending in which individuals borrow small amounts of money with the expectation that they will repay the loan with their next paycheck. These loans can be helpful in emergency situations but should be used responsibly.

Are Payday Loans Legal in New Mexico?

Yes, payday loans are legal in New Mexico. However, there are regulations in place to protect consumers from predatory lending practices. The New Mexico Regulation and Licensing Department oversees payday lenders, and lenders are required to comply with the Small Loan Act. This act sets caps on fees and interest rates and requires lenders to provide borrowers with clear and concise loan agreements.

How Do Payday Loans Work?

Payday lenders typically require borrowers to provide proof of income, such as a recent pay stub, and a valid form of identification. Borrowers may also need to provide their checking account information, as repayment is often made through a post-dated check or an automatic withdrawal from their account.

Once approved, borrowers receive the funds and are expected to repay the loan in full, along with fees and interest, on their next payday. If a borrower is unable to repay the loan on the due date, they may be charged additional fees or interest and may even be required to take out another loan to cover the original loan.

What Are the Fees and Interest Rates?

In New Mexico, payday loans are subject to caps on fees and interest rates. Fees cannot exceed 15% of the loan amount, and interest rates are capped at 175%. For example, if you borrow $100, you may be charged up to $15 in fees and up to $175 in interest.

What Are the Risks of Payday Loans?

While payday loans can be a helpful resource in emergency situations, they come with significant risks. The high fees and interest rates associated with these loans can leave borrowers in a cycle of debt, unable to fully repay the loan on their next payday. If this happens, borrowers may be forced to take out additional loans, leading to a cycle of debt that can be difficult to break.

Additionally, some lenders have been known to engage in predatory lending practices, such as charging excessive fees or using aggressive collection tactics. It’s important to do your research and select a reputable lender to avoid these pitfalls.

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

  • According to the New Mexico Regulation and Licensing Department, there were 639 licensed small loan lenders in New Mexico as of 2020.
  • In 2018, the average payday loan amount in New Mexico was $361, with an average fee of $45.
  • Between 2015 and 2018, the number of payday loans issued in New Mexico decreased by 56%, indicating increased regulation and enforcement of lending laws.

Apply Now for a Payday Loan in Mescalero, New Mexico

If you’re considering a payday loan in Mescalero, New Mexico, TheGuaranteedLoans can help connect you with reputable lenders in your area. Our online application process is quick and easy, and we strive to provide transparent and fair lending options for our customers. Remember, payday loans should only be used in emergency situations and should be paid back promptly to avoid falling into a cycle of debt.

Note: TheGuaranteedLoans is a connection service, not a direct lender. We do not make lending decisions and are not responsible for the actions of our lender partners.

F.A.Q.

Can payday lenders in New Mexico require borrowers to provide collateral for their loans?

No, payday lenders in New Mexico cannot require borrowers to provide collateral for their loans.

Are there any restrictions on how many payday loans a borrower can have at one time in New Mexico?

Yes, payday lenders in New Mexico are prohibited from making more than one payday loan to a single borrower at a time.