Best Loans In New Mexico, Payday, Auto Title Laws 2019 - Elite Personal Finance
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Best Loans In New Mexico, Payday, Auto Title Laws 2019

EPF November 10, 2019
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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

Lender:Min Credit Score:Loan Amount:APR:Licensed in New Mexico:
BadCreditLoans0$500 – $5,0005.99% – 35.99%Not a direct lender
CashUSA0$500 – $5,0005.99% – 35.99%Not a direct lender
Opploans0$1,000 – $4,00099% – 199%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%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

Lender:Min Credit Score:Loan Amount:APR:Licensed in New Mexico:
Payoff640$5,000 – $35,0005.99% – 24.99%Yes
PersonalLoans580$1,000 – $35,0005.99% – 35.99%Not a direct lender
LendingTree500$1,000 – $35,0003.99% – 35.99%Yes

For more options, see our full recommended lenders list. And give SuperMoney a try. They can help you find a reliable loan.

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Payday Loans in New Mexico

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.

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