Payday Advance New Mexico
New Mexico payday advance loans are a good choice for acquiring quick cash when those nagging emergencies pop up before a payday. Such cash advances can help you get over a financial hump by taking care of the situation and then allowing you to get back on track by paying them off out of your next paycheck.
The advantage of New Mexico payday advances is that they are short-term loans that provide the cash you need without having to resort to long-term debt that puts pressure on your budget. Payday loans are ideal for handling any unexpected situation that requires quick funds or for simply buying a wanted item or taking a vacation without maxing out your credit cards.
Payday Loans: What Are They?
Short-term payday loans are a fast method of acquiring cash when you need it to overcome financial hurdles or to get funds for practically any use. They are designed to provide cash advances rapidly so that you get the money you need quickly, and handle any unexpected situation. Because they are paid off quickly, usually on your following payday, they don't create a great deal of financial burden that can result from credit cards or long-term loans.
Payday advances can be used to meet such situations as bill payments, rent, heat or air conditioning malfunctions, plumbing or electrical problems, vehicle repairs, education requirements, medical treatment, required medications, purchases, and vacations. Basically, payday loans provide a means to receive advanced cash that can be used in anyway before your next pay period.
The Process of Applying for New Mexico Payday Loans
The very objective of payday loans being sources of fast cash means that the process for obtaining them is quick and easy. The process consists of completing and submitting a short application form that provides the lender with basic information, as well as the loan amount you are requesting, and a proposed due date that should fall within the state legal requirement.
The loan application is then submitted for approval. When your New Mexico payday loan is approved, the lender will deposit the amount into your bank account, which is also provided during the application process. When the due date arrives, you can visit the physical in-state lending office to make a payment or approve an electronic withdrawal from your account. Some lenders also require that you provide them with a personal check that has been post-dated so they can cash it should you fail to show up to make the payment.
New Mexico Payday Loan Laws
Payday loans are legal in the state of New Mexico. The maximum loan amount is more generous than in most states at $2,500. However, the total amount of outstanding loans for the applicant should not exceed 25% of their gross monthly income. A payday advance New Mexico loan must be repaid with 14 to 35 days. Loan extensions (rollovers) are not allowed, so the loan must be paid by the due date.
The finance charges and fees that can be placed on New Mexico cash advances is $15.50 plus $0.50 verification fee for every $100 of the loan amount. The APR on a 14-day loan of $100 is 416%, which equals $16 on a $100 loan taken out for a 14-day period. There also exists a required 10-day cooling off period between payday loans, and there is a $15 non-sufficient fund (NSF) fee that can be charged per loan.
Information on New Mexico Payday Advances
If you have further questions or desire more information on payday loans, New Mexico laws governing them, or where you can find approved lenders, contact the following state office.
New Mexico Financial Institutions Division
2550 Cerrillos Road, 3rd Floor
Santa Fe, NM 87505