Best Loans in New Mexico, Payday, Auto Title Laws of October 2024
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New Mexico’s Small Loan Act prohibits licensed lenders from offering loans over $5,000. APRs are capped at 175%, while terms require a minimum of 120 days and allow the borrower to repay the loan over at least four equal installments. After the loan is more than 10 days past due, delinquency charges will be applied. They cannot exceed $0.05 per $1 outstanding or up to a maximum of $10.
However, banking corporations, savings and loan associations, and credit unions are exempt from the regulations.
Best Bad Credit Loans in New Mexico of October 2024
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