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You Can Still Get a Payday Loan Even if You Live in New Mexico

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New Mexico is most commonly known for its vast desert landscapes, backdrops of mountains and Native American settlements. Because of its close proximity to Mexico, which helped give rise to its name, New Mexico is heavily influence by Hispanic culture. Not surprisingly, it's been called one of the best places to chow down on tacos and enchiladas. The state also has a remarkable collective sense of humor, prompting unusual town names, such as Truth or Consequences.

In spite of New Mexico's rich history and diverse cultural influences, the state has been struggling economically for some time. It did not begin to recover until 2017, but by then, working age adults had already been fleeing the state in large groups and taking their children with them. Economists claim New Mexico's poverty rate is now second only to Mississippi. Needless to say, locals worry about the financial future of New Mexico and many residents are feeling the burn.

Not surprisingly, to help stay on top of bills, many New Mexicans rely on payday loans. Unfortunately, in 2018, state laws came into effect that prohibited in-state lenders from providing payday loans. However, there are still ways to legally obtain a payday loan while living in New Mexico.

Why New Mexicans Need Payday Loans

New Mexico's economic struggles is at the heart of why so many residents rely on payday loans to make ends meet. Without access to financing, many people who need money for medical, housing and other types of emergencies would not survive.

High Unemployment

As of 2019, New Mexico's unemployment rate soared to 5.1%. This is much higher than the nationwide unemployment rate of just 3.8%. The state beat out only Alaska and Washington D.C., with Mississippi close behind. Note that when people are unemployed for long periods of time, even when they finally get a job, they may still struggle for several months to catch up on bills.

Low Income

Employed New Mexicans struggle too. At $43,872 the median annual income is 16% lower than the national median. Low income can make it difficult for people to get access to the goods and services they need, save up a nest egg or own property. This can perpetuate a cycle of poverty that lasts for generations.

High Rates of Poverty

Because of this, New Mexico has become the state with the highest rate of child poverty in the entire country. It is no wonder that so many parents are leaving the state in search of better work opportunities so they can better provide for their families. For those who remain, a payday loan may be the only way to provide money fast when they need it to clothe and feed children or send them to school.

Lack of Access to Traditional Credit

People who are struggling to make ends meet rarely have good credit, or any credit history for that matter. This can make it impossible for them to access traditional sources of credit from banks and other lenders. Because of this, payday loans may be the only option they have.

The Legalities of Payday Loans for New Mexicans

According to the New Mexico Regulation and Licensing Department, as of January 1, 2018, small loan licensees in the state can no longer initiate any payday loan transactions. Lenders were then updated to restricted status and the reporting site created by the state was shut down.

These changes were brought about by the House Bill 347, which led to an overhaul of several regulations that were in place, such as the following:

  • The Money, Interest, and Usury Statute (Usury)
  • The New Mexico Bank Installment Loan Act of 1959 (BILA)
  • New Mexico Small Loan Act of 1955 (SLA)

This was a big change from a state that once had very few regulations regarding payday loans. The former laws had made it possible for payday loan lenders to thrive, a provision that experts estimate 22% of New Mexicans made use of.

It is now illegal for state-regulated lenders to provide payday loans to New Mexicans. To work around this, New Mexicans have been able to take out payday loans from tribal lenders based on reservations. These lenders are not regulated by the state as they are sovereign nations governed by tribal law. Each nation may have their own regulations, so there is no one standard that is applicable to all loans offered.

The Responsibilities of Consumers

Because of the varying laws, it is important for consumers to exercise due diligence when seeking and accepting a payday loan. Ensure you fully understand the terms of the loan and that you're able to repay the principal, plus interest and fees. Here are some of the key points you should evaluate:

  • The minimum and maximum amounts you can borrow
  • The interest rate and how often it is compounded
  • Fees and how often those are charged throughout the loan term
  • How much money you will repay in total at the end of the loan term
  • Whether or not you are able to refinance or rollover the loan if you can't pay on time
  • What provisions are in place for hardship or what the consequences are if you're unable to repay the loan at all

In addition to looking at the specific terms for your proposed loan, you should also consider whether or not a payday loan is right for you. Are you sure you will still be employed throughout the term of the loan? Are there other debts that you may want to pay off first? Take this into consideration before applying for a new loan.

What Makes Snappy Payday Loans Different?

We're working hard to restore the reputation of payday loans, cash advances and other short-term lending services. We believe that all kinds of people should have access to the financial products which can help them to deal with unforeseen expenses even if they have less than exemplary credit records. Unfortunately, the reputation of payday loans in New Mexico has been marred by less than reputable lenders who prey on the financially vulnerable.

If you've made the informed decision to take out a payday loan you can do so safe in the knowledge that Snappy Payday Loans can help you do so in the safest way possible. Remember we are not a payday lender. Instead we put you in touch with the right payday loans direct lenders in New Mexico to suit your needs, helping you to make a well informed and zero-obligation decision that's right for you and your household.

How Does the Loan Process Work?

When you apply for payday loans through our website, the process is completely secure and confidential. Our 128-bit encrypted connection transmits your application to our partners without the risk of interception by third parties.

We pride ourselves on our simple, streamlined application process. Most people are approved if they meet the following requirements:

  • Have an active checking account in good standing
  • Are a permanent resident or citizen of the United States
  • Are age 18 or older
  • Have had a job for at least one month
  • Can supply a working phone number and email address

What Are the Types of Lenders That Are Available?

You can get payday loans and cash advances in New Mexico either online or in person. Scores of brick-and-mortar lenders operate in New Mexico, and some of these lenders also operate online. You can go in person during the lender's business hours or call the lender and begin the process that way. Alternatively, you can fill out an online request form if the lender has one.

Then there are online-only companies such as Snappy Payday Loans. We offer a variety of helpful features:

  • With our quick service, most loans distributed within one business day.
  • Loans are deposited right into your bank account.
  • Lenders are often willing to work with applicants who have bad credit.
  • You only have fill out a simple online form.

We do not loan you the money, but we use the information you submit to match you with a direct lender (assuming you qualify for a loan). The direct lenders working with us operate by Online Lenders Association best practices. This online option is convenient because you don't have to leave your home and wait in line or wait for a business to open. We process applications on secure servers 24 hours a day, seven days a week.

Frequently Asked Questions

No doubt, you may have a lot of questions about securing a payday loan. If you can't find the answers to your questions below, contact Snappy Payday loans at We look forward to answering your questions and guiding you through the loan application process.

How Do I Verify That a Lender Is Properly Licensed?

Because New Mexico payday loans are often provided by lenders based on tribal reserves, they do not operate under state laws and would not have state licensing. You may, however, verify with your lender that they are authorized by their tribe to provide loans. If possible, reach out to the tribe leaders for verification, as some disreputable businesses may claim tribal affiliations for financial gain.

Will I Go to Jail if I Can't Repay?

The state of New Mexico decides whether or not you can be incarcerated for payday loans. Because payday loans are not provided by state-regulated lenders, failure to repay your payday loans to tribal nations would not be a criminal offense in the state.

That said, when accepting a tribal-backed loan, the terms usually include that the loan is only subject to tribal laws. How that is enforced will vary based on the tribe whose laws the lender operates under, so remember to do your research before borrowing.

What if I Can't Repay the Loan?

If you're unable to satisfy loan repayment requirements for any reason, reach out to your lender as soon as possible. You may be able to roll the loan over or negotiate longer repayment terms. It's up to the lender to decide on the appropriate action.

Do I Have to Get the Loan in Person?

The application takes place entirely on line. You will not need to approach a storefront lender to receive funds.

Get Cash Now

If you want a loan as soon as possible, check out our easy online form. Start the process here, and see if you're matched to a lender. If you don't like the rates or terms proposed, you are under no obligation to accept the offer. It's a win-win situation in which you get to see whether you qualify and what the terms are like.

Kelly Stone

Kelly is a graduate of Northwestern University's Kellogg School of Management with a Master's Degree in Finance. She began her career in the short-term lending industry in 1996. Starting with one store, she grew the business to over 50 storefronts offering payday loans. As the industry started to shift online, she changed gears and started Snappy Payday Loans, allowing consumers nationwide to apply online for a payday loan. Through relationships and time, Kelly has built a large network of lenders that offer loans that Snappy utilizes today.