Installment Loans in New Mexico
One of the most convenient options for borrowing for many consumers out there is taking advantage of installment loans in New Mexico. Residents of New Mexico should explore these New Mexico installment loans and see if they are ideal for their unique situations.
Fortunately for consumers, installment loans New Mexico offer numerous options and are a particularly flexible loan product. Borrowers can make adjustments to factors like repayment periods and monthly payment amounts to fit their budget and plans.
The first step to taking out New Mexico installment loans is learning about them. The following is some important information to decide if an installment loan online is the best option.
The application process prospective borrowers need to go through
The main thing about the application that prospective borrowers will notice is that it's fast. In fact, the application for an online loan can be completed in only minutes.
While a traditional loan often requires applicants to apply in person, installment loans New Mexico do not require any kind of interview or paper application. There will be some requirements that need to be met for New Mexico installment loans. However, these requirements are relatively simple and easy to meet when it comes to receiving an installment loan estimate.
The following are the basic requirements for applying for an online installment loan and being approved:
- Being at least 18 years of age- Those who apply will present an ID- usually their driver's license- that will show how old they are. Being 18 years old is necessary in order to have one's application accepted and processed.
- Having a checking account in one's name- The process requires that the applicant have a checking account. This is because loan funds are quickly deposited into this checking account in the event that the applicant is approved for the loan.
- Residing in the United States on a permanent basis- Those who succeed in applying must be able to show that their residency in the United States is permanent. They either need to be citizens or permanent residents.
- Bringing in some income that is documented- For New Mexico installment loans, the lender will verify the income of the applicant. Income shows that the applicant will be able to make payments on the loan once the applicant receives the loan funds. Income can come in a variety of forms and doesn't have to be employment income.
How consumers stand to benefit from these loans
An online installment loan is great in many scenarios because it offers benefits that other types of loan can't always provide. The credit score requirements for an installment loan online don't tend to be so stringent as they are for other traditional loan forms.
The speed and convenient of installment loans New Mexico are also considerable. Once an individual is approved for a loan, the funds for the installment loan online are sent out within a day in a lot of cases. This is why installment loans in New Mexico are perfect for those who need to get funds in a hurry.
What makes these loans different from other common loan types
When it comes to traditional loans, an online loan is different because it doesn't require applying in person. An online loan makes this as convenient as possible and the applicant can apply from home.
Another thing that's distinct about an online installment loan is that it doesn't require any collateral. While a car title loan and loan types like this require collateral, an online installment loan doesn't.
Requirements to Apply
- Age requirement: You have to be 18 years or older to be apply.
- A checking account: You must have an active checking account.
- Living in the USA: Only permanent residents and/or citizens of the USA can be approved for a loan.
- Documented income: Evidence of a documented income will be needed to be approved.
State Regulatory Agency
New Mexico Regulatory Agency Contact Information:
- New Mexico Financial Institutions Division
- 2550 Cerrillos Road, 3rd Floor
- Santa Fe, NM 87505
- Phone: 505.476.4885
- Fax: 505.476.4670
Legal Regulations for New Mexico Installment Loans
- Statute Citation: Installment Loans: Chapter 58-7-1 - 58-7-9. Small Loan Act: 58-15-1 - 58-15-39
- Regulator: New Mexico Financial Institutions Division
- Interest and Permissible Fees: Maximum interest - 175% APR; total finance charges cannot exceed $200 or 10% of the principal; Delinquency charge $.05 per $1.00 after 10 days in default, not to exceed $10.
- New Mexico Average APR: 175%
- Maximum Loan Amount: $2,500
Credit Counseling Information
Personal installment loans should not be used as a long-term financial solution. They are geared for short-term financial needs only. A customer with credit difficulties should look into credit counseling. For more information, please see below:
- National Foundation for Credit Counseling: www.nfcc.org
- Consumer Credit Counseling Services: www.credit.org/credit/
- The Credit Counseling Professionals: www.consumercredit.com
- Credit Counseling Services: www.consolidatedcredit.org
Example of Installment Loans Terms and Repayment
- Loan Amount - $500
- Biweekly Payment - $85
- Duration in weeks - 26
- Total Due - $1,105
- APR - 360%
- Loan Amount - $1,000
- Biweekly Payment - $132
- Duration in weeks - 52
- Total Due - $3,432
- APR - 328%
- Loan Amount - $2,000
- Biweekly Payment - $258.29
- Duration in weeks - 34
- Total Due - $4,390.93
- APR - 275%