New Mexico Cash Advance Consumer information

Payday Loan usage info:

Less than three hundred interviews were done.

Short term loan permit:

Authorized

Legislation:

N.M. Stat. Ann. Sec.58-15-1 et seq.

Maximum loan amount:

No more than 25 percents of total customer monthly income.

Cash loan period:

Not less than fourteen days (if other not written in a contract) and not more than thirty-five days.

Fees:

Information is currently under correction

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Considering taking a cash advance loan in New Mexico? The state is one of the many territories which allow short term loans for its residents. To protect consumers, policies have been set up to enforce limits on lenders within the area. Our site provides borrowers with comprehensive information to help them with any transaction they might choose to make. The domain strives to provide only up to date information and always welcomes any feedback or questions that visitors may have. Payday loan laws of other states are also provided in the domain.

Payday Loan Process in New Mexico

To obtain a payday loan in New Mexico, borrowers must meet the different requirements set by the state and lender. Here are some of the policies you need to keep in mind:

• Borrower must be of legal age
• Borrower must reside in New Mexico
• Must hold down a job and meet minimum salary requirements
• Owner of a savings or checking account

After filling in the form and sending the documents, borrowers can get a reply in as little as 24 hours. Typically, payday loans are deposited to the borrower’s account in less than a week.

Some lenders also accommodate other type of borrowers. For example, there are those that accept individuals drawing on welfare or retired seniors. The policies on these are dependent on the lender.

New Mexico Payday Loan Laws and Regulations

All lenders are required to operate under the following limitations:

• Maximum Loan Amount: $2500
• Loan Term: 14 to 35 Days
• Finance Charge for $100 Loan in 14 Days: $16
• APR for $100 Loan in 14 Days: 416%
• Maximum Number of Outstanding Loans at a Time: As long as it doesn’t exceed the 25% gross income cap
• Cooling off Period: 10 Days
• Repayment Plan: Installments in 130 Days
• Collection Fee: $15 NSF

Rollovers are not permitted by the state. As for finance rate and fees, the maximum is $15.50 for every $100 borrowed. A verification fee of $0.50 for every $100 is also required.

New Mexico Consumer Protection

To protect borrowers against seedy lenders, a regulatory body is set up for NM. Problems, questions and complaints can be communicated to the New Mexico Financial Institutions Division.

• Address: 2550 Cerrillos Road, 3^rd Floor P.O. Box 25101 Santa Fe NM 87505
• Phone: (505) 476-4885
• Fax: (505) 476-4670
• Look For: Henry A. Vigil, Consumer Industry Manager

The regulatory board can also be contacted through their official website and email address.: http://www.rld.state.nm.us/financialinstitutions/

New Mexico Payday Loan Alternatives

Payday loan interests can be discouraging you from availing of this service. If you’re seeking other means to obtain cash for short term purposes, there are alternatives that might seem better. First off, you can try borrowing from friends, relatives or directly from your employer. This negates the need for an interest rate which should be easier on the pocket. You can also try selling a valuable asset or pawning them off if you wish to reclaim the item. Credit cards and bank loans may also be preferable since they give you the chance to pay via installments. You can get a loan from skytrail cash advance.

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