The payday lending industry is alive and continues to grow in the state of New Mexico. LoansPayday.info proudly offers New Mexico residents a quick and convenient method to get the cash they need. Our application process is simple. We realize that our customers have busy schedules so we have made the application and approval process as simple as possible. It only takes a few minutes to fill out a Loans Payday application. You can receive the cash you need the same day so you can avoid incurring overdraft fees on bounced checks. The funds are deposited directly into your bank account. This means that you can use cash the same day you apply for the loan.
Payday Loan Lending Laws for New Mexico
Payday lending is legal in New Mexico. There are no state laws regulating neither maximum or minimum amounts nor terms of a loan. Moreover, there are no regulations in place regarding the fees or interest rates that lenders can apply to each loan. New Mexico residents can have multiple loans at one time since there are no state restrictions. There are currently no restrictions regarding the length of time that should pass before taking out another loan.
About 760 payday lenders currently operate in the state of New Mexico. No doubt, this number will increase in the coming years. The state of New Mexico ranks 10th in terms of the number of payday centers.
If you need to relocate from a different state but can't afford it because of lack of funds, a New Mexico payday loan can help you. If you have bills that you needed to pay yesterday, a quick payday loan can help you get caught up on your bills. However, you don't have to be a New Mexico resident to apply for a loan from LoansPayday.info. Any U.S. resident can take advantage of our easy and convenient loan process. You can use the cash from a payday loan in any way you wish and pay back the loan when you receive your next paycheck.
Consumers can apply online for a payday loan and receive instant approval. Technology makes it possible for any resident in the United States to apply through our website. We guarantee a secure, easy to maneuver website and the protection of your information. You will find the entire process simple and user-friendly. The most important thing is that you can have access to your cash the same day. Apply today for a New Mexico payday loan through our company, LoansPayday.info.
Don't hesitate any longer. US residents who apply for a payday loan can access their funds today. This means that you can buy the medications you need, keep your utilities on, or buy groceries for the week. You will receive professional, unmatched service when you apply through our site at LoansPayday.info.
House Bill 870 was established during the first legislative session in 2001. Under this bill, lenders must give borrowers a minimum of two weeks to pay back a loan for
every $50 borrowed. This means that a customer who receives a loan for $150 will have at least six weeks to pay back that amount. This provision allows consumers to take care of their personal financial obligations while paying back the loan. They don't have to turn their whole paycheck over to the lender to pay back a loan.
New Mexico law allows consumers to make partial payments on a payday loan. A payment must be at least $5 or more. The lender is required to give the customer an itemized sheet that reflects any payments made and the current, updated balance. The maximum amount for a payday loan in the state of New Mexico is $300 while the minimum amount is $50. All payday checks must be stamped with the following endorsement from the lender: "This check is being negotiated as part of a loan pursuant to the Payday Loan Act, and any holder of this check takes it subject to all claims and defenses of the maker."
Agreements must be written in clear and understandable language. Lenders are to provide a written agreement to each customer who takes out a payday loan. Moreover, the agreement needs to be written in both English and Spanish. The following information must be included: the lender's and borrower's address and contact information, all charges and the interest rate, as well as any disclosures required by the Truth in Lending Act (this is a description of the customer's obligations). In addition, the agreement should include the following statement typed in 14-point bold font: "You cannot be prosecuted in criminal court to collect this loan." As you can see, the state of New Mexico has taken necessary measures to protect its residents.
New Mexico law also requires that a chart explaining what's involved in obtaining a payday loan be displayed in a visible, high traffic area. The loan amount and pay back terms are examples of information that should appear on this chart. Furthermore, lenders must display a sign in the operating location with the following message: "Warning: fees and interest charged on payday loans made at this institution are higher than those charged at other financial institutions".
Lenders in New Mexico are prohibited from prosecuting a customer who cannot pay back a loan due to financial hardships or insufficient funds. The borrower cannot take a new loan until the previous loan amount is paid in full. Although these state laws may seem restrictive, they are in place to protect the consumer. Taking out multiple loans when you can't pay back the original one would only make a situation worse.
Unemployment Statistics for New Mexico
Approximately 5% of New Mexico residents reported unemployment in January of 2006. This is equivalent to 46,697 residents in the state. Although this number is high, it is half of a percent lower than the previous year. The year 2005 experienced a 5.5% unemployment in the state. The highest unemployment rate within the past decade in New Mexico was 8.3%.
Category: Payday loans