Permitted Regulated Verified 2026-09-06 · ver. 0.2.3 How we verify these rules

Installment Loans in New Mexico

New Mexico regulates licensed small-loan installment products up to $10,000. Covered loans generally require at least 120 days and four substantially equal payments, while current FID guidance caps NM-APR at 36% for loans above $500 and applies a special limited fee rule at $500 or less.

New Mexico legal category: Installment Loan under the New Mexico Small Loan Act · New Mexico Small Loan Act of 1955, as amended, and related New Mexico small-loan rules

New Mexico installment loans at a glance

Legal status
Permitted Regulated
Legal category
Installment Loan under the New Mexico Small Loan Act
Maximum amount in this regime
$10,000
Term
At least 120 days
Regulator
New Mexico Regulation and Licensing Department — Financial Institutions Division (FID)
Verified
2026-09-06

Choose a loan type by amount

PLS Cash Advance currently presents request amounts from $200 to $5,000. The ranges below are navigation guidance between our state loan guides — not statutory limits, eligibility rules, or a promise of approval.

Not available Unavailable

Payday Loans in New Mexico

New Mexico repealed its former payday-loan statutory product. Current regulated small-dollar lending is structured as installment lending.

Why unavailable

$200–$5,000 Current guide

Installment Loans in New Mexico

Preferred routing for the full PLS Cash Advance selector. New Mexico FID defines covered installment loans up to $10,000; $5,000 remains the site offer boundary.

Amount and term limits

New Mexico FID defines a covered installment loan as a loan of $10,000 or less. PLS Cash Advance currently routes the $200–$5,000 portion of its selector to this guide.

A covered installment loan has an initial stated maturity of at least 120 days and must be repayable in at least four substantially equal payments of principal and interest.

Interest, fees and repayment

For covered loans above $500 and up to $10,000, New Mexico FID states that NM-APR cannot exceed 36%. NM-APR may include charges beyond the federal Truth in Lending APR, so it should not be treated as a simple nominal interest-rate cap.

For a loan of $500 or less, New Mexico FID states that NM-APR may be up to 36% plus a fee not exceeding 5% of principal, and that fee may not be imposed on the borrower more than once in a 12-month period.

The loan must be an installment loan and, other than a refund anticipation loan, must be repaid in at least four substantially equal payments of principal and interest.

Rollovers, refinancing and early payment

Rollover allowed?
Not reduced to a yes/no rule
New Mexico treats a rollover, renewal, refinance, or modification with additional cost as a new loan requiring new disclosures rather than preserving the former payday rollover concept.
Prepayment penalty allowed?
Not reduced to a yes/no rule
The current regulator materials used for this dataset do not support a single universal prepayment-penalty field across every covered small-loan structure, so no yes/no value is asserted here.

New Mexico borrower protections

  • Covered installment loans are limited to $10,000 or less.
  • The initial stated maturity is at least 120 days.
  • At least four substantially equal payments of principal and interest are required.
  • For loans above $500 through $10,000, current FID guidance caps NM-APR at 36%.
  • For loans of $500 or less, the additional fee is capped at 5% of principal and may not be imposed more than once per 12 months.
  • New Mexico FID licenses and examines small-loan companies.

New Mexico loan cost calculator

Why there is no single statutory calculator: New Mexico uses an NM-APR calculation that can include charges not included in federal TIL APR, and loans of $500 or less have a special one-time 5% fee allowance. A generic nominal-APR calculator would blur those statutory distinctions.

How to verify a lender in New Mexico

Regulator: New Mexico Regulation and Licensing Department — Financial Institutions Division (FID).

New Mexico Small Loan Company license unless an exemption applies

Verify a lender license

Official sources

  1. New Mexico FID — Small Loan Companies and Installment Loan Definition · primary
  2. New Mexico FID — Small Loan APR FAQ · primary
  3. New Mexico HB 132 (2022) — Small Loan Changes · primary
  4. New Mexico RLD — Verify a License · primary

Last regulatory verification: 2026-09-06. Laws can change; verify current terms and lender status before borrowing. Read our research methodology.