Loans in New Mexico: payday, personal & title loan laws (2026)

In New Mexico, payday loans are not allowed, car title loans are not allowed, and personal installment loans are available from licensed lenders. Below are the verified rules, local lenders and credit unions for all 33 counties and 23 cities with 10,000+ residents.

Request a personal loan in New Mexico

✓ Free to use✓ About 3 minutes✓ No obligation✓ Bad credit OK to apply

1 Choose an amount and fill out the form
2 Get matched with a lender in our network
3 Review your offer and get funded, often next business day

Tip: apply on a weekday morning for the best chance of funding by the next business day.

No hard credit inquiry on our end; lenders may check your credit. Not a lender; approval, amount and terms come from the lender. Example: $1,000 over 12 months at 35.99% APR ≈ $100.46/month.

Payday Loans Not available

Payday loans are banned in New Mexico.

Personal Loans

36% APR all-in cap on loans up to $10,000 (raised from 175%).

Title Loans Not available

Short-term title loans are banned.

New Mexico at a glance

2,120,246

Residents

$64,059

Median household income

405

FDIC bank branches

192

Credit-union branches

Counties in New Mexico

Cities in New Mexico

Frequently asked questions

Are payday loans legal in New Mexico?

Payday loans are banned in New Mexico. Since January 1, 2023 (HB 132), Small Loan Act loans must be installment loans of at least 120 days with at least four equal payments, at no more than 36% APR all-in.

How much do payday loans cost in New Mexico?

36% APR maximum, counting ancillary products, credit insurance and other fees even if federal Regulation Z would leave them out.

Are title loans legal in New Mexico?

Short-term title loans are banned. Loans of $10,000 or less must follow the Small Loan Act or the Bank Installment Loan Act: installment payments, at least 120 days, at no more than 36% APR.

What interest can title lenders charge in New Mexico?

36% APR all-in.

Is there a cap on personal loan interest rates in New Mexico?

36% APR all-in cap on loans up to $10,000 (raised from 175%).

Do personal loan lenders need a license in New Mexico?

No one may be in the business of lending $10,000 or less without a license from the director. Banks, savings and loans and credit unions are exempt.