New Mexico Payday Loans

N.M. Stat. Ann. §§ 58-15-32 to 38
Status: Legal

Payday loans are legal in the state of Indiana, pursuant to N.M. Stat. Ann. §§ 58-15-32 to 38.  Approximately 202 companies in the state are authorized to offer payday loan services.

Payday Loan Lending Laws in New Mexico

At $2,500, New Mexico has one of the largest maximum loan amounts available in the United States. The state also does not technically have a limit for the number of loans a borrower can have open at one time, as regulations state the number of loans cannot exceed 25% of a borrower’s monthly income including all fees and charges. State residents considering a payday loan should pay attention to these details; since most states have a maximum loan amount of $500, a borrower in New Mexico can get fall into serious financial hardship off just one loan if they cannot repay it within the agreed-upon time frame, usually between 14 and 35 days.

The maximum interest rate allowed currently stands at $15.50 on every $100, and lenders can also charge a verification fee of $0.50 for every $100 loaned. Any additional financial charges levied by a lender cannot exceed $16. In such cases, the APR for a $100 loan issued for a period of two weeks amounts to 417.14% per annum. Rollovers are prohibited, and cash advance lenders cannot renew the initial repayment period. If a borrower cannot repay in time, they can make use of a repayment plan that allows equal installments over a 130-day period of 130 days. As with most states that allow payday loans, criminal actions cannot be used as threats by the lender against a delinquent borrower. However, a lender can turn the past due account over to a collection agency, which can do damage to the borrower’s credit rating. The state also imposes a cap on collection fees at $15 in case of insufficient funds.


To apply for a payday loan in New Mexico, a potential borrower must meet these requirements:

  • Be at least 18 years old
  • Be employed for at least one month.
  • Have an active checking account
  • Be a U.S. citizen or permanent resident.

Lending Rules*

Lenders in the state of New Mexico are legally required to comply by the following limitations according to N.M. Stat. Ann. §§ 58-15-32 to 38:

Maximum Loan Amount:
Minimum Length of Loan:
14 days
Maximum Length of Loan:
35 days
Maximum Finance Rate & Fees:
$15.50 per $100; $.50 verification fee per $100
Finance Charge for 14-day $100 Loan:
APR for 14-day $100 Loan:
Max # Outstanding Loans at One Time:
Total capped at 25% gross monthly income
Rollovers Permitted:
Repayment Plan:
Yes, equal installments over 130 day period
Collection Fees:
$15 NSF fee one time per loan
Criminal Action:
*The information displayed may not be current. For the most recent information, please visit

Regulatory Information

If you have a complaint against a New Mexico Cash Advance location you can contact your state regulator below:

New Mexico Financial Institutions Division
2550 Cerrillos Road, 3rd Floor P. O. Box 25101 Santa Fe NM 87505
(505) 476-4885
(505) 476-4670

New Mexico Lenders

Below you can find New Mexico payday loan lenders in the following cities:

New Mexico Statistics**

The following information is key demographic data for the state of New Mexico from the Census bureau.

Total Population:
Median Household Income:
Poverty Rate:
Median Gross Rent:
High School Graduate or Higher:
Bachelor's Degree or Higher:
**The information displayed may not be current. For the most recent information, please visit

Borrow Safely, Borrow Responsibly

Due to the high maximum loan amounts and the lack of definitions on the number of loans available to one person at one time, a potential borrower needs to understand everything they can about the loan terms and to consider every possible financial option when considering a payday loan. It is imperative to remember that cash advance loans are best used to handle short-term financial emergencies that can be repaid soon thereafter. Payday loans cannot and should not be used for long-term financial planning, and doing so can lead a borrower to fall into a debt cycle.  Borrowers should also contact the New Mexico Financial Institutions Division any concerns or questions. is an independent comparison service provider. Reasonable efforts have been made to maintain accurate information throughout our website; however, all information is presented without warranty or guarantee. may receive compensation from our partners, including, but not limited to, clicking on links and lead generation.