A guide to Payday Loans in New Mexico, USA. 

What are the Citation (s) to Payday Loan or Small Loan Laws in New Mexico? 
A: The relevant citation regarding Payday Loans in the New Mexico State Jurisdiction is N.M. Stat. Ann. § 58-15-1 et seq. 

Q: Are Payday Loans legal in New Mexico? 
A: Yes Payday Loans are legal in New Mexico. 

Q: What is the Maximum Cash Advance Loan Amount in New Mexico?
A: The maximum Cash Advance or Payday Loan amount is not specified. 

Q: What is the Maximum Payday Loan Term in New Mexico?
A: The Maximum Payday Loan Term in New Mexico is not specified. 

Q: What is the Maximum Fee for Cash Advance Loans in New Mexico?
A: There is no limit on the Finance Rate and Fees for Cash advance loans in New Mexico. 

Q: What is the Finance charge for 14-day $100 payday loan in New Mexico State?
A: There is no limit on the finance charge for a 14-day $100 loan in New Mexico. 

Q: What is the APR for 14-day $100 payday loan in New Mexico?
A: There is no limit on the APR charged for 14-day $100 payday loan in New Mexico. 

Q: Is there a limit on the number of payday loans I can take at one time? 
A: There is no limit on the number of payday loans you can take at one time. 

Q: How many times can the lender rollover my payday loan in New Mexico?
A: The maximum number of rollovers is not specified. 

Q: If I cannot repay my payday loan can the lender initiate a criminal action? 
A: It is not specified if the payday loan lender can initiate a criminal action if the borrower is unable to pay the loan. 

Q: Can I be charged a collection fee for a payday loan?
A: Yes, the collection fee in New Mexico includes Attorney’s fees, Court Costs and Filing Fees. 

Contact the Department Of Financial Institutions

If you have questions about payday loans please contact the New Mexico Department of Financial Institutions at:

New Mexico Financial Institutions Division
Address: 2550 Cerrillos Road, 3rd Floor P. O. Box 25101 Santa Fe, NM 87505
Phone: (505)476-4885
Fax: (505) 476-4670
Regulatory Contact: Henry A. Vigil,, Consumer Industry Manager

Website: http://www.rld.state.nm.us/fid/

Where can I find a payday loan store in New Mexico?

You can find the store nearest to your location by simply clicking on this link  loc: New Mexico