New Mexico

Legal Status



N.M. Stat. Ann. § 58-15-1 et seq.

Loan Terms

Maximum Loan Amount: 5000

Loan Term: 120 days

Finance Charge for 14-day $100 Loan: N/A

APR for 14-day $100 Loan: N/A

Debt Limits

Maximum Number of Outstanding Loans at One Time: Silent

Rollovers Permitted: Yes, but they must become a new loan with their own disclosures. N.M. Stat. Ann. § 58-15-17

Cooling-off Period: Silent

Repayment Plan: Must be made in 4 equal payments. N.M. Stat. Ann. § 58-15-17

Collection Limits

Collection Fees: Delinquency fees of a maximum of $10 per loan. Can be sent to an independent lawyer for collections. N.M. Stat. Ann. § 58-15-20.

Criminal Action: Only civil action permitted. N.M Stat. Ann. §58-15-