Every state has various regulations and laws for pay day lending. The laws cover the maximum amount a borrower can receive on a pay day loan, the maximum finance fees and interest rates a lender can charge, and the length of time the borrower has to repay his loan. There are also laws specifying the options a person has if he cannot repay his loan in full on the due date.
In New Mexico, a borrower can only receive 25% of his monthly income on a pay day loan. The limit in fees is $15.50 on a $100. loan. A lender can charge an additional loan verification fee of fifty cents. While New Mexico does not allow traditional rollovers, a borrower can be granted a payment plan, consisting of not less than 130 days, if he cannot repay his loan on time. The lender cannot charge an additional fee for a payment plan. .
New Mexico Pay Day Loan Laws
Maximum Loan Amount: 25% of the borrower’s monthly income
Maximum Interest Rate: $15.50 on a $100. loan, with an additional fifty-cent fee for verification.
Annual Percentage Rate: 417.14% on a 14-day, $100. loan
Minimum Payoff Time: 14 Days
Maximum Payoff Time: 35 days
Extensions Allowed: Borrowers can receive a payment plan with no extra charges. The plan must be not less than 130 days.
Top 5 New Mexico Pay Day Loan Companies
333 San Mateo Boulevard Southeast, Suite D
Albuquerque, NM
(505) 254-2274
www.cashstore.com
Cash Store is a nationwide chain that deals primarily in payday loans and check cashing services. The check cashing component is handy if you have a bank that likes to hold your checks for a few days before giving you the money. The payday loans from this company operate like your normal type of payday loan in that whatever you are approved for will typically need to be repaid on your next payday. Exceptions can be made to extend your loan period if needed.
2810 Coors Blvd NW # A
Albuquerque, NM
(505) 831-4600
checkngo.com
Check ‘n Go is a well known payday loan company with quite a few New Mexico locations. In this state, this company offers quite a bit of freedom in how much you can get at one time because it’s purely determined by your monthly income. This company prefers you to pay back your loan in full on your next immediate payday but does offer a longer repayment plan should you need it.
3401 San Mateo Blvd NE # C
Albuquerque, NM
(505) 875-0800
qcholdings.com
Check Advance Loans is technically part of the popular Quik Check franchise that has hundreds of physical offices all around North America. You can visit this Albuquerque office to apply for a payday loan in person or you can simply use the official website that will take you to Quik Check itself. First time users will usually be approved but may only be eligible for a small amount the first time unless they make a couple thousand per month. The amount you can borrow will increase the more you use this service.
1432 Cerrillos Road
Santa Fe, NM
(505) 983-2274
fastbucks.com
Fast Bucks is a very straightforward payday loan company that has a set rate of $25 on every $100 borrowed. This makes it very easy to know exactly how much you can safely borrow and be able to repay on time. When a company deals in set rates, budgeting becomes a lot easier and you can make sure you don’t end up with more than you are able to repay on time. This company does have a website that you can use to avoid visiting the office at all.
2900 San Mateo Boulevard Northeast
Albuquerque, NM
(505) 888-5456
moneymart.com
Money Mart is a full service company that offers check cashing, payday loans, Western Union and tax preparation services. In addition to the standard payday loans, you can also get longer term installment loans that can be more manageable if you are on a fixed income or only work part-time. These loans may have a higher interest rate than normal payday loans but consist of much smaller monthly payments.