With New Mexico having one of the highest percentages of residents in the U.S. that are living paycheck to paycheck, it’s no surprise that the number of cash advance storefronts across the state is on the rise. These stores, as well as Internet sources, will lend you a small amount of cash (usually under $1,000) for a short amount of time (averaging two weeks to a month) to help you through financially until your next payday.

The payday loan industry has been put into place to assist consumers with those unexpected financial emergencies that just can’t wait until your next payday. Say, for example, the fuel pump breaks in your car, leaving you without transportation to work. If you can’t get to work, you can’t make money. You don’t have the extra cash right now, but you will have it next Thursday, which is your next payday. A cash advance is the ideal alternative to calling out of work and possibly losing your job.

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Cash advance lenders aren’t like typical banks and financial institutions, as they don’t use the information found on your credit report to decide on your loan amount. Instead, they utilize the information from your paycheck (gross and net pay, year-to-date totals, etc.) to lend you the money you’ll need to get your car up and running. In many instances, having your employer directly deposit your paycheck into your checking account and post-dating a personal check, made payable to the lender (including all assessed fees) will increase your chances of getting the money you need fast.

Currently, New Mexico has no regulations for the payday loan industry. However, there are new rules being implemented, including:

Renewal limitations (number of times one can pay one cash advance with another).
Cap on chargeable rates and fees.

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* Cash-Advance-USA.org provides information and research on cash advances/payday loans. We are not a payday lender or broker, nor are we necessarily affiliated with the companies profiled on this site. Not all products and services are available in each state.