Cheap Personal Loans in New Mexico
Looking for a cheap payday loan in New Mexico? A personal loan, sometimes referred to as a payday loan, must comply with New Mexico state laws. And, it’s important to note that the same laws apply whether you get the loan at a store or via the internet.
Here are the basics:
The maximum amount of money you’re allowed to borrow (including fees) may not exceed 25% of your gross monthly income. This includes any other existing payday loans you may currently have. In other words, the total sum of all payday loans and fees must not exceed 25% of your gross monthly income.
The maximum interest rate may not exceed $15.50 per $100 of the principal loan.
Example: For a $500 loan, the interest would be $77.50 ($15.50 x 5).
The minimum loan term is 14 days and the maximum term is 35 days.
You can verify the license of a payday lender in New Mexico by calling 505-476-4885 or online.