Cash Advance and Installment Loans in Albuquerque, NM

Have you run short of money before paying all your bills? Do you have a sudden, unexpected expense like a car repair or medical emergency? If you need extra money between paychecks, a cash advance or installment loan may help you bridge the gap.

Banks and credit unions are the first places to look for a loan. For those who do not belong to a credit union or who have bad credit, a cash advance lender may be a good option. As with any loan, it's important to understand the payment schedule, interest rate, and penalties before agreeing to the terms of a cash advance. It's always a good idea to pay these types of loans back as soon as possible.

Advantages of Taking Out Short-Term Loans in Albuquerque, NM

Here are four advantages of small-dollar loans:

1. Minimal paperwork: The application process is simple, with a quick response time.
2. Fast funding: If approved, borrowers may receive the funds in as little as one business day.
3. Flexibility: Unlike most banks, alternative lenders may have more flexible requirements. Some lenders may consider income alongside credit, sometimes offering financing opportunities to bad credit applicants.
4. Specialized knowledge and service: Small-dollar lenders regularly work with customers who have credit challenges and are more willing to be flexible.

How to Get a Small-Dollar Installment Loan in Albuquerque, NM

In most cases, consumers can go directly to the lender to apply for small dollar installment loans.

Most of these lenders offer walk-in service. Prior to seeking a loan, consumers should find out what paperwork they will need to bring. For instance, consumers seeking a car title loan will need to bring their car title. Depending on the lender, consumers may need to bring proof of income, a bank statement, and/or identification.

When applying for one of these loans, consumers may meet with a loan specialist to walk them through the process. In most cases, the consumer must agree to have payments deducted directly from their checking account. This assures the lender they will make the payments on time.

Requirements for Getting an Installment Loan in Albuquerque, NM

To apply for one of these loans, consumers must:

• Be a U.S. citizen.
• Be 18 or older.
• Have a checking account with direct deposit.
• Have a job, benefits, or another source of regular income.

Costs and Regulations of Installment Loans and Small Dollar Loans in Albuquerque, NM

As of 2018, payday loans are illegal in New Mexico. However, lenders can offer installment loans, title loans, pawn loans, and other alternatives.

Installment loans (also known as small-dollar loans) are loans that are paid back in weekly or monthly installments. Installment loans may have more favorable terms than payday loans, which have an APR cap of 1,500% and have to be repaid in one or two payments. Installment loans, on the other hand, can be more regulated. Legally, an installment or small-dollar loan must meet these requirements in New Mexico:

• The loan amount cannot be more than $5,000.
• The annual percentage rate (APR) cannot be more than 175%.
• The loan term must be at least 120 days.
• There must be a minimum of four payments of equal amounts.

Getting Car Title Loans in Albuquerque, NM

Consumers may be able to find money with a car title loan. With a title loan, consumers can receive anywhere between $1,000 and up to 50% of the value of their car. The amount offered by the lender depends on the age and condition of the car. Typically, consumers can continue driving their cars after getting the loan.

Consumers seeking a car title loan should bring the following information and documents to the lending office:

• State-issued driver's license
• Lien-free car title
• Proof of income
• The vehicle and vehicle registration

Favorite Albuquerque, NM, Loan Companies

1. Check-N-Go

This lender has several locations in Albuquerque and offers the Choice Loan small-dollar loan in amounts ranging from $200 to $5,000. The Loan Choice application can be started online but must be completed at a Check-N-Go location.

2. Cash Store

This lender offers installment loans and car title loans. Cash Store has three locations in Albuquerque.

3. New Mexico Title Loans

Rather than an office visit, specialists will come to the lender's home and inspect their car and title. Consumers who qualify can receive the cash fast. New Mexico Title Loans has offices all over the state and eight in Albuquerque.