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.
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