Best Loans in New Mexico, Payday, Auto Title Laws of February 2024

ElitePersonalFinance
Last Update: November 2, 2022 Loans By State
Best Loans in All States

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 February 2024

Amount:

$100 - $15,000

Min. Credit Score:

0

APR:

5.99% - 35.99%

Approval:

5 Minutes

Terms:

1 - 72 Months

Licensed in New Mexico:

Yes

Amount:

$1,000 - $50,000

Min. Credit Score:

300

APR:

5.6% - 35.99%

Approval:

5 Minutes

Terms:

3 - 5 Years

Licensed in New Mexico:

Yes