New Mexico

State Payday Loan Law Information

Payday loans in New Mexico are restricted to amounts equal to or less than $2,500.  The maximum term of any loan is 14-35 days; however, the term maybe shorter if the amount of time is included in the loan agreement. The maximum finance rate and fees is $15.50 per $100 with a $50 verification fee per $100.

There is a cap of 25% of the gross monthly income for the maximum number of outstanding loans at one time.  No rollovers are permitted.  There is a 10 day cooling off period.  The repayment plan equals installments over 130 day period.

Collection fees are limited to $15 NSF check at one time per loan.  Criminal action is prohibited.

 

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