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Posts Tagged ‘personal loan’

Cheap Personal Loans in New Mexico

12 May

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.

 
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Using a Cash Advance to buy an Ipad

10 May

Using a Cash Advance to buy an Ipad

We’ve all been there- a new toy comes out and we want it REALLY bad. Recently, Apple released a touch-screen gadget that’s slightly smaller than a piece of paper and performs similar to a personal computer (without the keyboard). Thinner and lighter than most laptops, the Ipad is designed for business moguls on the go!

Here’s the kicker: the Ipad starts at $499. With payday a week away, is it bad to use payday advance?

Short Answer: Yes. A personal loan should only be used in a financial emergency as a last resort. An Ipad is considered a luxury item. For the time being, access a computer at your local library or ask to use a friend’s laptop. Then, when you’ve saved up enough cash, you can enjoy your Ipad without worrying about the added loan fees.

 
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