New Mexico enacted a 36% APR cap on small-dollar loans in 2023, closing the loopholes that had previously allowed high-cost payday and installment lending. The reform ended the state's triple-digit-APR payday products. Residents now rely on lower-cost regulated alternatives for short-term needs.
Key limits in New Mexico
- Cost note: 36% APR cap
Figures can change — always confirm current limits with the official source below before borrowing.
Payday loans aren’t available in New Mexico. Here are options you can use instead:
- Credit-union payday alternative loans (PALs)
- Nonprofit emergency assistance programs
- Employer paycheck advances
- Payment plans with creditors
Source: Center for Responsible Lending · last verified 2026-07-24 · pending second-source verification
This page is general information, not legal or financial advice. State laws change; verify current rules with your state regulator or the source above.