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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 - $2,500

Min Credit Score

0

APR

Vary by State

Approval

< 1 Day

Terms

1 - 36 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.

City Amount Allowed APR Allowed Status
Albuquerque $5,000 175% Prohibited
Las Cruces $5,000 175% Prohibited
Rio Rancho $5,000 175% Prohibited
Santa Fe $5,000 175% Prohibited
Roswell $5,000 175% Prohibited
Farmington $5,000 175% Prohibited
South Valley $5,000 175% Prohibited
Clovis $5,000 175% Prohibited
Hobbs $5,000 175% Prohibited
Alamogordo $5,000 175% Prohibited
Carlsbad $5,000 175% Prohibited
Gallup $5,000 175% Prohibited
Sunland Park $5,000 175% Prohibited
Los Lunas $5,000 175% Prohibited
Chaparral $5,000 175% Prohibited
Deming $5,000 175% Prohibited
Las Vegas $5,000 175% Prohibited
Los Alamos $5,000 175% Prohibited
North Valley $5,000 175% Prohibited
Artesia $5,000 175% Prohibited
Portales $5,000 175% Prohibited
Lovington $5,000 175% Prohibited
Española $5,000 175% Prohibited
Silver City $5,000 175% Prohibited
Anthony $5,000 175% Prohibited
Bernalillo $5,000 175% Prohibited
Grants $5,000 175% Prohibited
Shiprock $5,000 175% Prohibited
Socorro $5,000 175% Prohibited
Corrales $5,000 175% Prohibited
Bloomfield $5,000 175% Prohibited
Ruidoso $5,000 175% Prohibited
Zuni Pueblo $5,000 175% Prohibited
Belen $5,000 175% Prohibited
Aztec $5,000 175% Prohibited
Raton $5,000 175% Prohibited
Los Ranchos de Albuquerque $5,000 175% Prohibited
Lee Acres $5,000 175% Prohibited
North Hobbs $5,000 175% Prohibited
Edgewood $5,000 175% Prohibited
Taos $5,000 175% Prohibited
Eldorado at Santa Fe $5,000 175% Prohibited
Truth or Consequences $5,000 175% Prohibited
Los Chaves $5,000 175% Prohibited
White Rock $5,000 175% Prohibited
Santa Teresa $5,000 175% Prohibited
Paradise Hills $5,000 175% Prohibited
Tucumcari $5,000 175% Prohibited
El Cerro Mission $5,000 175% Prohibited
Rio Communities $5,000 175% Prohibited
Placitas CDP $5,000 175% Prohibited
Meadow Lake $5,000 175% Prohibited
Holloman AFB $5,000 175% Prohibited
Bosque Farms $5,000 175% Prohibited
Milan $5,000 175% Prohibited
Peralta $5,000 175% Prohibited
La Cienega $5,000 175% Prohibited
Santa Rosa $5,000 175% Prohibited
Sandia Heights $5,000 175% Prohibited
University Park $5,000 175% Prohibited
Clayton $5,000 175% Prohibited
Eunice $5,000 175% 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.

County Single 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

Name City Size (Millions) Members
NEW MEXICO EDUCATORS FEDERAL CREDIT UNION Albuquerque $1,151.19 133722
SANDIA LABORATORY FEDERAL CREDIT UNION Albuquerque $1,750.50 65724
U.S. NEW MEXICO FEDERAL CREDIT UNION Albuquerque $681.21 64068
SANDIA AREA FEDERAL CREDIT UNION Albuquerque $406.49 54303
FIRST FINANCIAL CREDIT UNION Albuquerque $378.92 50107
KIRTLAND FEDERAL CREDIT UNION Albuquerque $595.08 38203
DEL NORTE CREDIT UNION Los Alamos $400.96 36221
STATE EMPLOYEES CREDIT UNION Santa Fe $307.72 33953
OTERO FEDERAL CREDIT UNION Alamogordo $242.34 32673
WHITE SANDS FEDERAL CREDIT UNION Las Cruces $240.57 26953
RIO GRANDE CREDIT UNION Albuquerque $181.70 20312
ANIMAS CREDIT UNION Farmington $110.49 15981
ZIA CREDIT UNION Los Alamos $133.13 13098
GUADALUPE CREDIT UNION Santa Fe $112.70 12405
CANNON FEDERAL CREDIT UNION Clovis $54.38 8245
HIGH PLAINS FEDERAL CREDIT UNION Clovis $40.76 7273
ARTESIA CREDIT UNION Artesia $84.23 6602
EDDY FEDERAL CREDIT UNION Carlsbad $48.21 6248
CHINO FEDERAL CREDIT UNION Silver City $25.41 5614
LEA COMMUNITY FEDERAL CREDIT UNION Hobbs $34.17 5525
EVERYONE’S FEDERAL CREDIT UNION Tucumcari $21.89 4868
SOUTHWEST FEDERAL CREDIT UNION Albuquerque $48.97 4821
FOUR CORNERS FEDERAL CREDIT UNION Kirtland $19.89 4286
LOCO CREDIT UNION Alamogordo $28.35 3895
FINANCIAL SECURITY CREDIT UNION Carlsbad $28.60 3227
NEW MEXICO CENTRAL CREDIT UNION Albuquerque $26.51 2975
NEW MEXICO ENERGY FEDERAL CREDIT UNION Albuquerque $48.26 2834
CHAVES COUNTY SCHOOL EMPLOYEES CREDIT UNION Roswell $18.82 2625
ESTACADO CREDIT UNION Lovington $10.32 1992
CUBA CREDIT UNION Cuba $10.39 1924
BELEN RAILWAY EMPLOYEES CREDIT UNION Belen $21.94 1858
NORTHERN NEW MEXICO SCHOOL EMPLOYEE FEDERAL CREDIT UNION Santa Fe $16.87 1854
ROSWELL COMMUNITY FEDERAL CREDIT UNION Roswell $18.28 1794
JEMEZ VALLEY CREDIT UNION Jemez Springs $16.60 1652
LOS ALAMOS SCHOOLS CREDIT UNION Los Alamos $14.99 1582
BAB CREDIT UNION Aztec $5.11 1327
FORT BAYARD FEDERAL CREDIT UNION Santa Clara $4.07 1243
INTERNATIONALITES FEDERAL CREDIT UNION Carlsbad $7.78 1119
U-1ST COMMUNITY FEDERAL CREDIT UNION Carlsbad $6.23 1112
PERMACULTURE CREDIT UNION Santa Fe $5.39 1061
QUAY SCHOOLS FEDERAL CREDIT UNION Tucumcari $5.72 1022
TELCO ROSWELL NEW MEXICO FEDERAL CREDIT UNION Roswell $5.57 957
QUESTA CREDIT UNION Questa $6.00 907
THE FLORIST FEDERAL CREDIT UNION Roswell $6.38 897
DEMING SCHOOLS EMPLOYEES CREDIT UNION Deming $3.92 650
ST. GERTRUDE’S CREDIT UNION Mora $1.75 639
RINCONES PRESBYTERIAN CREDIT UNION Chacon $3.05 634
MT TAYLOR FEDERAL CREDIT UNION Milan $1.82 411
NEW MEXICO CORRECTIONAL EMPL FEDERAL CREDIT UNION Santa Fe $1.44 394
COLFAX SCHOOL EMPLOYEES CREDIT UNION Raton $0.40 186

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