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Payday Loan Laws in New Mexico
Payday loans are small, short-term cash loans. Generally, consumers write a post-dated check for the desired
amount, in addition to an interest fee. The lender will hold onto the check until the next payday (usually 14
days) and then deposits it. Consumers also have the option to return with cash to reclaim the check. Or, in
some cases, consumers can repay the loan with a signed agreement which allows the lender to electronically
withdraw the funds from their bank account on a pre-determined date. Payday loans are regulated by state;
therefore, it's important to understand your state laws.
Payday loan laws in New Mexico include the following:
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.
'Roll-overs' and loan renewals are prohibited. If you cannot repay the loan, lenders are required to offer an automatic 130 day payment plan.
There is a mandatory 10-day "cooling off" period before individuals can request a new loan after being in a payment plan.
New Mexico law also mandates that the loan contract be available in Spanish as well as English.
To monitor compliance with the new rules, all payday lenders operating in New Mexico must subscribe to a central computer database that tracks payday loan activity. The applicant's name and identifying information must be entered into the database before a payday loan can be made.
You can verify the license of a payday lender in New Mexico by calling 505-476-4885 or online.
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