A recent push to severely cap the interest rates on payday loans failed in New Mexico. Had this movement succeeded, it’s likely it would have put many small loan lenders out of business.
New Mexico payday loans offer fast, unsecured loans for those who are in desperate need of cash. Maybe your car has died and is necessary for you to get to and from work. Perhaps your well pump died and you cannot survive without water coming into your home. Traditional bank loans can take weeks to process, and there are situations where you simply cannot wait that long.
The other benefit to payday loans in New Mexico is that anyone qualifies. If banks have turned you away for having bad credit or being only on disability or social security income, you’ll still be able to qualify for many of these small loan products. Without them, hundreds of people would be in serious trouble if an emergency occurs.
Know What You’re Signing
One of the people pushing to restrict payday loans is a borrower. She borrowed $300 and expected to pay it back over three months, paying $100 each month. That was her mistake. It is critical to anyone signing the paperwork that they understand the terms. Clearly, this woman did not. Most New Mexico payday loans require payment in full with your next pay check, usually a week or two. If you miss that deadline, interest will accrue, and you will end up paying a lot more for the money you borrowed.
If you are interested in payday loans in New Mexico, be sure to read over the terms and make sure you understand them and the repayment schedule. If you have questions, ask them before signing the paperwork and accepting the money.
