Payday Loans in Rehoboth, New Mexico

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

Company nameAddressZip codePhone number
Security Finance 1227 N Railroad Ave, Suite B7, Española, NM 87532 +1 (505) 753 - 4070
Washington Federal 541 Terrace Ave, Chama, NM 87520 +1 (575) 756 - 2111
Your Credit 526 6th St, Las Vegas, NM 87701 +1 (505) 454 - 1100
Security Finance 800 S Main St B, Roswell, NM 88203 +1 (575) 622 - 7830
Fast Cash Loans 202 S Date St, Truth or Consequences, NM 87901 +1 (575) 894 - 1387
Estacado Federal Credit Union 2220 N Dal Paso St, Hobbs, NM 88240 +1 (575) 393 - 1596
LoanMax Title Loans 1406 Silver Heights Blvd, Silver City, NM 88061 +1 (575) 541 - 3373
Southwest Capital Bank 4 S Main St, Pecos, NM 87552 +1 (505) 757 - 2554
Walmart Money Center 700 6th St, Socorro, NM 87801
Security Finance 3457 Main St NE suite b, Los Lunas, NM 87031 +1 (505) 865 - 7222

Payday Loan Companies in Nearby Cities

If there are no payday loan companies in Rehoboth, NM, you can try to find different companies in big cities near by. Check out the following pages here: Payday Loans in Clovis, NM, Payday Loans in Farmington, NM, Payday Loans in Hobbs, NM, Payday Loans in Las Cruces, NM, Bad Credit Loans in Rio Rancho, NM, Payday Loan Companies in Roswell, NM, Payday Loans in Santa Fe, NM and Short-term Loans 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 Rehoboth, NM.

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Are Payday Loans Legal In Rehoboth, 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

Rehoboth, NM payday loan calculator

Advise to read before applying

Payday Loans in Rehoboth, New Mexico: What You Need to Know

Payday loans, also known as cash advances, are short-term loans designed to help individuals meet their immediate financial needs. These loans are typically due on the borrower’s next payday, and can be a helpful tool when used responsibly. In New Mexico, payday loans are legal, but borrowers should be aware of the laws and regulations surrounding these loans to ensure they make an informed decision.

How Do Payday Loans Work?

Payday loans are designed to be easy and convenient for borrowers. Typically, borrowers can apply online or at a storefront payday lender. The lender will ask for proof of income and identification, and will conduct a credit check. If approved, the borrower will receive the loan amount, which is typically a percentage of their next paycheck.

When the loan is due, the borrower must pay back the loan amount plus fees and interest. Some lenders may allow borrowers to extend their loan, but this will likely come with additional fees and interest.

What Are the Laws Surrounding Payday Loans in New Mexico?

In New Mexico, payday loans are legal and regulated by the New Mexico Financial Institutions Division. The maximum loan amount is $2,500, and the maximum term is 35 days. Lenders are allowed to charge up to 15% of the loan amount in fees and up to 175% in interest and fees over the life of the loan.

Additionally, lenders are required to provide borrowers with a written agreement that includes the loan amount, fees, interest rate, and due date. Borrowers should carefully review this agreement before signing.

What Are the Risks of Payday Loans?

While payday loans can be a helpful tool for those in need of immediate funds, they can also be risky. The high fees and interest rates associated with these loans can lead to a cycle of debt for borrowers who are unable to repay the loan in full.

Borrowers should be aware of the risks associated with payday loans and should only use them as a last resort. It is important to borrow responsibly and to carefully review the terms and conditions of any loan agreement before signing.

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

  • In 2019, New Mexico had the highest average interest rate for payday loans at 175%.
  • In 2018, New Mexico payday lenders reported collecting $34.5 million in fees and interest on loans.
  • In 2019, more than 55,000 payday loans were taken out in New Mexico.
  • Residents of Rehoboth, New Mexico took out an average of 6 payday loans in 2020.

Apply Now

TheGuaranteedLoans is a connector service that can help you connect with potential lenders in Rehoboth, New Mexico. If you are in need of immediate funds, fill out our online application today and we will work to connect you with a lender who may be able to assist you.

Please note that TheGuaranteedLoans is not a direct lender and does not make credit decisions. We simply connect borrowers with lenders who may be able to help them meet their financial needs.

Remember to borrow responsibly and to carefully review the terms and conditions of any loan agreement before signing.

F.A.Q.

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.

Can payday lenders in New Mexico collect on unpaid loans by garnishing wages or levying bank accounts?

Yes, payday lenders in New Mexico can collect on unpaid loans by garnishing wages or levying bank accounts, but only if the borrower has given written consent.

Look for Short-Term Loans in Other Cities:

Alamogordo Albuquerque Clovis Farmington Hobbs Las Cruces Rio Rancho Roswell Santa Fe
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Customer Notice: Cash advance loans should be used for short-term personal requirements primarily, not as long-term budgetary remedies. Clients together with credit score issues ought to look for credit advice. Subject to state regulations, qualification, credit check, underwriting and approval. Rates, terms and conditions apply

Client Guidance: Payday loans are generally designed as a temporary financial bridge that allows individuals to borrow a modest amount of money until their next paycheck arrives. This type of loan is often used as an immediate financial remedy for unforeseen expenses, especially for those lacking a financial cushion or significant savings. If you find yourself struggling to manage your finances and considering a payday loan, it's crucial to consult with a qualified financial advisor. It's also important to familiarize yourself with the specific payday loan laws in your jurisdiction.

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