New Mexico Payday Loans

Residents of New Mexico seeking a payday loan will be happy to know it’s legal and regulated. That’s not to say you should rush out without knowing exactly what you’re getting into. Payday loans can become big financial headaches if you don’t proceed with caution.

If you’re seeking a Band-Aid for that credit crunch and a New Mexico payday loan is on your radar, here are some points to consider before you rush out that door;

These payday loans go by several names so don’t be fooled into thinking you are borrowing from a warm and fuzzy lender; deferred deposits, check advance, lease til payday all share the same meanings. It is still a high interest rate loan that you’re borrowing.

The Payday loans are generally one of the easiest loans anyone can qualify for – a job, checking account, verifiable phone number and sometimes a faxed pay stub. Money is usually direct deposited into your account the next business day. One of the problems many people encounter is that the first payday loan is a teaser to entice you to take out many more. Provide them your email address and you’ll soon discover you have 50 to 100 emails all pre-qualifying you for New Mexico payday loans.

New Mexico Payday Loans Laws

Beginning in 2007 the governor of New Mexico sought to regulate pay day loans and protect consumers from becoming deep in debt. These regulations are meant to legalize those lenders licensed in New Mexico.

  • Pay day loans cannot be rolled over or refinanced in New Mexico.
  • You are not able to borrow more than 25 percent of your monthly income.
  • If you cannot pay your loan within the agreed upon contracted time, you can set up a payment plan for a minimum 4.5 months.
  • Maximum payday loan Term is 35 days and collection fees is $15 NSF fee.
  • Maximum finance charges and fees is $15.50 per $100 borrowed, plus $0.50 verification fees.

Always understand that states that regulate and legalize pay day loans act within their laws and if you bounce a check or write a check on a closed account you can be held criminally liable. Additionally, payday loan lenders can place negative data on your credit report.

References:

New Mexico Regulation and Licensing Department
Financial Institutions Division
2550 Cerrillos Road, 3rd Floor
Santa Fe, NM 87505
(505) 476-4885
(505) 476-4670 Fax
NMRLD

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