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Best Loans in New Mexico, Payday, Auto Title Laws 2020

EPF Last Update: June 7, 2020

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New Mexico’s Small Loan Act prohibits licensed lenders from offering loans in excess of $5,000. APRs are capped at 175%, while terms require a minimum of 120 days and must allow the borrower to repay the loan over at least four equal installments. Delinquency charges – after the loan is more than 10 days past due – cannot exceed $0.05 per $1 outstanding, 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 2020

Amount

$500 – $10,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

3 – 36 Months

Licensed in Mexico

Not a direct lender

Amount

$100 - $10,000

Min Credit Score

0

APR

Vary by State

Approval

< 1 Day

Terms

1 - 60 Months

Licensed in Mexico

Yes

Amount

$1,000 – $5,000

Min Credit Score

0

APR

Vary By State

Approval

< 1 Day

Terms

9 – 36 Months

Licensed in Mexico

Yes

Amount

$100 – $1,000

Min Credit Score

0

APR

Vary By State

Approval

< 1 Day

Terms

7 – 30 Days

Licensed in Mexico

Yes

Amount

$1,000 – $10,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

2 – 5 Years

Licensed in Mexico

Not a direct lender

Amount

$1,000 – $50,000

Min Credit Score

500

APR

3.99% – 35.99%

Approval

< 1 Day

Terms

1 – 5 Years

Licensed in Mexico

Yes

Amount

$1,000 – $35,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

2 – 5 Years

Licensed in Mexico

Yes

Amount

$1,000 – $100,000

Min Credit Score

500

APR

5.34% – 35.99%

Approval

< 1 Day

Terms

90 Days – 72 Months

Licensed in Mexico

Yes

Amount

$1,000 - $100,000

Min Credit Score

0

APR

4.99 - 35.99%

Approval

< 1 Day

Terms

12 - 120 months

Licensed in Mexico

Yes

Amount

$1,000 – $35,000

Min Credit Score

580

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

90 Days – 72 Months

Licensed in Mexico

Not a direct lender

To learn how bad credit loans differ from other types of loans , see our complete guide.

Best Personal Loans for Good Credit in New Mexico 2020

Amount

$1,000 - $100,000

Min Credit Score

0

APR

4.99 - 35.99%

Approval

1 Day

Terms

12 - 120 months

Licensed in Mexico

Yes

Amount

$2,000 - $40,000

Min Credit Score

640

APR

7.95% - 35.99%

Approval

1 - 3 Days

Terms

36 - 60 months

Licensed in Mexico

Yes

Amount

$1,000 – $100,000

Min Credit Score

0

APR

4.99 - 35.99%

Approval

1 Day

Terms

12 - 120 months

Licensed in Mexico

Yes

Amount

$1,000 – $35,000

Min Credit Score

580

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

90 Days – 72 Months

Licensed in Mexico

Yes

Amount

$1,000 – $50,000

Min Credit Score

500

APR

3.99% – 35.99%

Approval

< 1 Day

Terms

1 – 5 Years

Licensed in Mexico

Yes

Amount

$1,000 – $35,000

Min Credit Score

0

APR

5.99% – 35.99%

Approval

< 1 Day

Terms

2 – 5 Years

Licensed in Mexico

Yes

Amount

$1,000 – $50,000

Min Credit Score

600

APR

7.99% - 35.97%

Approval

< 1 Day

Terms

3 - 5 Years

Licensed in Mexico

Yes

Amount

$5,000 – $35,000

Min Credit Score

640

APR

5.99% – 24.99%

Approval

1 – 7 Days

Terms

2 - 5 Years

Licensed in Mexico

Yes

Amount

$2,500-$35,000

Min Credit Score

660

APR

6.99-24.99%

Approval

1 Day

Terms

24 - 84 Months

Licensed in Mexico

Yes

Amount

$7,500 - $40,000

Min Credit Score

680

APR

6 - 15%

Approval

1 - 7 Days

Terms

36 - 84 months

Licensed in Mexico

Yes

For more options, see our full recommended lenders list.

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Payday Loan Laws in New Mexico 2020

Traditional payday loans are illegal in New Mexico.

House Bill 347 went into effect January 1, 2018, requiring payday lenders to follow the same small loan regulations listed above. And while the 175% APR-cap makes payday loans profitable, the 120-day term minimum – and minimum four equal installments – effectively outlaws the traditional payday model.

Payday Loan Laws in New Mexico by Country

ElitePersonalFinance analysis of payday loan laws by countries in the State of New Mexico.

Note: Payday loans in New Mexico are prohibited. However, loans of up to $5,000 are allowed, but they are capped at 175% APR. These types of loans are allowed only if they are repaid in at least 4 installments and with a minimum repayment period of at least 120 days.

As you can see New Mexico allow loans that are something between payday loans and personal loans. These types of loans can’t be categorized exactly under personal and payday loans.

CityAmount AllowedAPR AllowedStatus
Albuquerque$5,000175%Prohibited
Las Cruces$5,000175%Prohibited
Rio Rancho$5,000175%Prohibited
Santa Fe$5,000175%Prohibited
Roswell$5,000175%Prohibited
Farmington$5,000175%Prohibited
South Valley$5,000175%Prohibited
Clovis$5,000175%Prohibited
Hobbs$5,000175%Prohibited
Alamogordo$5,000175%Prohibited
Carlsbad$5,000175%Prohibited
Gallup$5,000175%Prohibited
Sunland Park$5,000175%Prohibited
Los Lunas$5,000175%Prohibited
Chaparral$5,000175%Prohibited
Deming$5,000175%Prohibited
Las Vegas$5,000175%Prohibited
Los Alamos$5,000175%Prohibited
North Valley$5,000175%Prohibited
Artesia$5,000175%Prohibited
Portales$5,000175%Prohibited
Lovington$5,000175%Prohibited
Española$5,000175%Prohibited
Silver City$5,000175%Prohibited
Anthony$5,000175%Prohibited
Bernalillo$5,000175%Prohibited
Grants$5,000175%Prohibited
Shiprock$5,000175%Prohibited
Socorro$5,000175%Prohibited
Corrales$5,000175%Prohibited
Bloomfield$5,000175%Prohibited
Ruidoso$5,000175%Prohibited
Zuni Pueblo$5,000175%Prohibited
Belen$5,000175%Prohibited
Aztec$5,000175%Prohibited
Raton$5,000175%Prohibited
Los Ranchos de Albuquerque$5,000175%Prohibited
Lee Acres$5,000175%Prohibited
North Hobbs$5,000175%Prohibited
Edgewood$5,000175%Prohibited
Taos$5,000175%Prohibited
Eldorado at Santa Fe$5,000175%Prohibited
Truth or Consequences$5,000175%Prohibited
Los Chaves$5,000175%Prohibited
White Rock$5,000175%Prohibited
Santa Teresa$5,000175%Prohibited
Paradise Hills$5,000175%Prohibited
Tucumcari$5,000175%Prohibited
El Cerro Mission$5,000175%Prohibited
Rio Communities$5,000175%Prohibited
Placitas CDP$5,000175%Prohibited
Meadow Lake$5,000175%Prohibited
Holloman AFB$5,000175%Prohibited
Bosque Farms$5,000175%Prohibited
Milan$5,000175%Prohibited
Peralta$5,000175%Prohibited
La Cienega$5,000175%Prohibited
Santa Rosa$5,000175%Prohibited
Sandia Heights$5,000175%Prohibited
University Park$5,000175%Prohibited
Clayton$5,000175%Prohibited
Eunice$5,000175%Prohibited

Best Auto Loans for Bad Credit in New Mexico 2020

Amount

$1,000 - $100,000

Min Credit Score

0

APR

From 1.99%

Licensed in New Mexico

Yes

Amount

$1,000 - $100,000

Min Credit Score

0

APR

From 1.99%

Licensed in New Mexico

Yes

Amount

Up to $100,000

Min Credit Score

0

APR

Vary

Licensed in New Mexico

Yes

Amount

Up to $100,000

Min Credit Score

0

APR

Vary

Licensed in New Mexico

Yes

Amount

Up to $100,000

Min Credit Score

0

APR

Vary

Licensed in New Mexico

Yes

Amount

$8,000 - $100,000

Min Credit Score

500

APR

2.74% - 27%

Licensed in New Mexico

Yes

Amount

$1,000 - $100,000

Min Credit Score

500

APR

From 3.09%

Licensed in New Mexico

Yes

Amount

$250 - $500,000

Min Credit Score

640

APR

2.99% - 21.99%

Licensed in New Mexico

Yes

Amount

$1,500 - $20,000

Min Credit Score

0

APR

18.00% - 35.99%

Licensed in New Mexico

Yes

Amount

$1,000 - $45,000

Min Credit Score

0

APR

From 0.99%

Licensed in New Mexico

Yes

Amount

$1,000 - $35,000

Min Credit Score

0

APR

From 1.99%

Licensed in New Mexico

Yes

Amount

$7,500 - $50,000

Min Credit Score

500

APR

From 3.39%

Licensed in New Mexico

Yes

Amount

$5,000 – $55,000

Min Credit Score

510

APR

3.99% - 24.99%

Licensed in New Mexico

Yes

Amount

$1,000 - $100,000

Min Credit Score

0

APR

3.90% - 27.90%

Licensed in New Mexico

Yes

Best Auto Loans for Good Credit in New Mexico 2020

Amount

$1,000 - $100,000

Min Credit Score

0

APR

From 1.99%

Licensed in New Mexico

Yes

Amount

$1,000 - $100,000

Min Credit Score

0

APR

From 1.99%

Licensed in New Mexico

Yes

Amount

$1,000 - $100,000

Min Credit Score

500

APR

From 3.09%

Licensed in New Mexico

Yes

Amount

$250 - $500,000

Min Credit Score

640

APR

2.99% - 21.99%

Licensed in New Mexico

Yes

Amount

$5,000-$100,000

Min Credit Score

660

APR

4.99% to 9.19%

Licensed in New Mexico

Yes

Amount

$7,500 - $50,000

Min Credit Score

500

APR

From 3.39%

Licensed in New Mexico

Yes

Amount

$8,000 - $100,000

Min Credit Score

500

APR

2.74% - 27%

Licensed in New Mexico

Yes

Amount

$1,000 - $100,000

Min Credit Score

0

APR

3.90% - 27.90%

Licensed in New Mexico

Yes

Amount

$3,000 - $100,000

Min Credit Score

650

APR

From 3.12%

Licensed in New Mexico

Yes

Amount

$5,000 - $100,000

Min Credit Score

640

APR

From 3.54%

Licensed in New Mexico

Yes

Amount

$5,000 – $55,000

Min Credit Score

510

APR

3.99% - 24.99%

Licensed in New Mexico

Yes

Amount

$5,000 - $100,000

Min Credit Score

600

APR

3.54% - 10.24%

Licensed in New Mexico

Yes

Amount

$1,500 - $20,000

Min Credit Score

0

APR

18.00% - 35.99%

Licensed in New Mexico

Yes

FHA Loans in New Mexico

New Mexico has 33 counties with FHA Limits ranging from a low of $331,760 for a 1-bedroom unit in Bernalillo County to a high of $829,350 for a 4-bedroom unit in Los Alamos County.

CountySingle Unit Limit (lowest)Four-Plex Limit (highest)
Bernalillo County$331,760$638,100
Catron County$401,350$771,850
Chaves County$331,760$638,100
Cibola County$331,760$638,100
Colfax County$331,760$638,100
Curry County$331,760$638,100
De Baca County$331,760$638,100
Dona Ana County$331,760$638,100
Eddy County$331,760$638,100
Grant County$331,760$638,100
Guadalupe County$331,760$638,100
Harding County$331,760$638,100
Hidalgo County$331,760$638,100
Lea County$331,760$638,100
Lincoln County$331,760$638,100
Los Alamos County$431,250$829,350
Luna County$331,760$638,100
Mckinley County$331,760$638,100
Mora County$331,760$638,100
Otero County$331,760$638,100
Quay County$331,760$638,100
Rio Arriba County$331,760$638,100
Roosevelt County$331,760$638,100
San Juan County$331,760$638,100
San Miguel County$331,760$638,100
Sandoval County$331,760$638,100
Santa Fe County$380,650$732,000
Sierra County$331,760$638,100
Socorro County$331,760$638,100
Taos County$331,760$638,100
Torrance County$331,760$638,100
Union County$331,760$638,100
Valencia County$331,760$638,100

Business Loans in New Mexico

All Licensed Credit Unions in New Mexico

NameCitySize (Millions)Members
NEW MEXICO EDUCATORS FEDERAL CREDIT UNIONAlbuquerque$1,151.19133722
SANDIA LABORATORY FEDERAL CREDIT UNIONAlbuquerque$1,750.5065724
U.S. NEW MEXICO FEDERAL CREDIT UNIONAlbuquerque$681.2164068
SANDIA AREA FEDERAL CREDIT UNIONAlbuquerque$406.4954303
FIRST FINANCIAL CREDIT UNIONAlbuquerque$378.9250107
KIRTLAND FEDERAL CREDIT UNIONAlbuquerque$595.0838203
DEL NORTE CREDIT UNIONLos Alamos$400.9636221
STATE EMPLOYEES CREDIT UNIONSanta Fe$307.7233953
OTERO FEDERAL CREDIT UNIONAlamogordo$242.3432673
WHITE SANDS FEDERAL CREDIT UNIONLas Cruces$240.5726953
RIO GRANDE CREDIT UNIONAlbuquerque$181.7020312
ANIMAS CREDIT UNIONFarmington$110.4915981
ZIA CREDIT UNIONLos Alamos$133.1313098
GUADALUPE CREDIT UNIONSanta Fe$112.7012405
CANNON FEDERAL CREDIT UNIONClovis$54.388245
HIGH PLAINS FEDERAL CREDIT UNIONClovis$40.767273
ARTESIA CREDIT UNIONArtesia$84.236602
EDDY FEDERAL CREDIT UNIONCarlsbad$48.216248
CHINO FEDERAL CREDIT UNIONSilver City$25.415614
LEA COMMUNITY FEDERAL CREDIT UNIONHobbs$34.175525
EVERYONE’S FEDERAL CREDIT UNIONTucumcari$21.894868
SOUTHWEST FEDERAL CREDIT UNIONAlbuquerque$48.974821
FOUR CORNERS FEDERAL CREDIT UNIONKirtland$19.894286
LOCO CREDIT UNIONAlamogordo$28.353895
FINANCIAL SECURITY CREDIT UNIONCarlsbad$28.603227
NEW MEXICO CENTRAL CREDIT UNIONAlbuquerque$26.512975
NEW MEXICO ENERGY FEDERAL CREDIT UNIONAlbuquerque$48.262834
CHAVES COUNTY SCHOOL EMPLOYEES CREDIT UNIONRoswell$18.822625
ESTACADO CREDIT UNIONLovington$10.321992
CUBA CREDIT UNIONCuba$10.391924
BELEN RAILWAY EMPLOYEES CREDIT UNIONBelen$21.941858
NORTHERN NEW MEXICO SCHOOL EMPLOYEE FEDERAL CREDIT UNIONSanta Fe$16.871854
ROSWELL COMMUNITY FEDERAL CREDIT UNIONRoswell$18.281794
JEMEZ VALLEY CREDIT UNIONJemez Springs$16.601652
LOS ALAMOS SCHOOLS CREDIT UNIONLos Alamos$14.991582
BAB CREDIT UNIONAztec$5.111327
FORT BAYARD FEDERAL CREDIT UNIONSanta Clara$4.071243
INTERNATIONALITES FEDERAL CREDIT UNIONCarlsbad$7.781119
U-1ST COMMUNITY FEDERAL CREDIT UNIONCarlsbad$6.231112
PERMACULTURE CREDIT UNIONSanta Fe$5.391061
QUAY SCHOOLS FEDERAL CREDIT UNIONTucumcari$5.721022
TELCO ROSWELL NEW MEXICO FEDERAL CREDIT UNIONRoswell$5.57957
QUESTA CREDIT UNIONQuesta$6.00907
THE FLORIST FEDERAL CREDIT UNIONRoswell$6.38897
DEMING SCHOOLS EMPLOYEES CREDIT UNIONDeming$3.92650
ST. GERTRUDE’S CREDIT UNIONMora$1.75639
RINCONES PRESBYTERIAN CREDIT UNIONChacon$3.05634
MT TAYLOR FEDERAL CREDIT UNIONMilan$1.82411
NEW MEXICO CORRECTIONAL EMPL FEDERAL CREDIT UNIONSanta Fe$1.44394
COLFAX SCHOOL EMPLOYEES CREDIT UNIONRaton$0.40186

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