Cash Advance New Mexico

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New Mexico cash advance and payday loans

In some states, the cash advance laws are so strict that many lenders flee for states with lower rate caps, where they hope to be able to turn a profit. While New Mexico has tighter restrictions than some states, you should be able to find a lender in your area. At least for now.

New Mexico Attorney General Hector Balderas recently said that he’d support a reasonable cap on cash advance interest rates. Other state legislators are actively pushing for stricter cash advance laws in New Mexico. So far, their bills and proposals have been met with heavy opposition. So for the foreseeable future, it looks like the current regulations are here to stay. Read on for a close look at New Mexico’s online loan laws. To get started with your loan request right now, head on over to our secure loan request form.

New Mexico Cash Advance Rules and Regulations

In New Mexico, the maximum loan amount includes your principal and fees, and cannot be higher than 25-percent of your gross monthly income. If you have multiple cash advances, the sum of the principle amount and fees of all of them can’t be more than 25-percent of your gross monthly income. Your loan term can’t be more than 35 days. Your loan term can’t be less than 14 days, unless you sign something to let a lender give you a shorter term.

The maximum finance charges are $15.50, plus a $.50 verification fee, for every $100 you borrow. So if you were to take out a 14-day, $100 loan, the highest finance charge you’d have to pay would be $16. That’s 416-percent APR. A 14-day, $200 loan, could require up to a $32 finance charge.

If your check doesn’t clear when the lender tries to cash it, you could be charged a $15 NSF fee. Your lender is not allowed to pursue criminal action against you.

New Mexico Payday Loan Regulations

If you are curious how the cash advance regulations listed above compare to the state’s payday loan rules, you should know that these two financial products are one in the same. They are both regulated by the same laws.

  • How Payday Loans Work – When you need money in a hurry, traditional lending sometimes doesn’t make sense. Short-term, small-dollar loans get you the cash you need fast. They can also be paid back all at once after you receive your next paycheck.
  • Maximum Amount – A lender can only offer a borrower up to 25 percent of his or her gross monthly income. And, that amount should include the fees related to the loan.
  • Repayment Extensions – Lenders may not offer rollovers.

New Mexico State Economy

Before you take out a cash advance, you should first make sure you’ll be able to pay off the loan in time. You should read up on the current state economy. In May 2015, the unemployment rate in New Mexico was 6.2-percent. That’s similar to other states in the area. The state’s lowest unemployment rate was 3.7-percent back in August 2007.

A short-term loan can be your best line of defense against unexpected bills. Just be sure to pay the loan off as soon as possible and never use cash advances as a long-term debt solution.

Requesting Title Loans in New Mexico

New Mexico residents who are seeking alternate loan services can consider taking out a title loan to see if they are approved. Similar to payday loans, title loans are short-term loans which are, in this case, taken out against a borrower’s vehicle.

Title loans are typically taken out for 30 days for amounts averaging $959. In the state of New Mexico, these figures slightly differ. According to the New Mexico Small Loan Act N.M. Stat. Ann. §§ 58-15-1 to -38(Spec. 32-38) statute, residents of the state are allowed to take out a loan of up to $2,500, with no cap on the interest rate lenders can charge, which can make the loans expensive.

Borrowers should also note that there is a 5% late fee after 10 days of loan default.

While these short-term loans can prove beneficial for those who find themselves in a financial emergency or who are unable to mitigate their monthly expenses, there are risks that potential borrowers should be aware of. A PEW study found that only 12% of car title borrowers actually meet their average 30-day loan terms, while most default and rollover loans. Plus, 40% of borrowers roll their loans over more than seven times before paying off their original debts.

Important Facts for Consumers

New Mexico residents should be aware of predatory lending practices in which lenders count on borrowers to default on high-rates, resulting in the repossession of the car borrowed against.

Eligible consumers who can afford a title loan can apply at a storefront lender or online to see if they are approved. While requirements will differ from lender to lender, most require that applicants present a copy of their state-issued ID or driver’s license, the title of the vehicle to be borrowed against, proof of income or bank statements, as well as proof of residence.

* strives to present accurate information on each state’s regulations; however, we do not guarantee accuracy of data as presented. Please contact your state’s department of finance or visit your state’s official website for the most accurate information and inquiries. You can find your state’s site here:

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