Payday advance loan New Mexico services are available from about 117 locations throughout the state, making over 80,000 loans annually.
Cash advance lending is a form of short-term, small dollar amount
consumer loans, where the borrowed loan sum is typically paid back to
the lender on the borrower's next payday, usually within a few weeks
These are not long-term financial solutions for money problems, partly because of the high costs of borrowing, as calculated through high annual percentage rates (APRs) of interest.
Before considering a cash advance loan, you should get to know the applicable payday loan laws in New Mexico, including the New Mexico Small Loan Act, as well as check that the payday lender is licensed in the state, to fully grasp your rights as a consumer and the obligations put on the lending organizations.
These laws regulate many aspects of the payday lending industry in New Mexico, including maximum and minimum loan terms, maximum fees, and maximum loan amounts (calculated as a percentage from the customer's gross monthly income).
You should also study the alternatives to cash advance loan market in New Mexico, including taking a small consumer loan from a local bank or a credit union, a cash advance from a credit card, or negotiating a salary advance from an employer.
One of the best resources for information on payday lending industry in the state is the New Mexico Financial Institutions Division, which publishes different types of reports, including the "Payday Annual Report".
There are around 117 licensed locations for payday lending in New Mexico, with several nationally recognized, major franchises also being present throughout the state.
One of these major payday lenders is Check 'n Go, which has been operating in the state since 1997, and today, has a total of 21 payday advance outlets in New Mexico.
As a company, Check 'n Go was founded back in 1994, with the mission to provide alternative financial products to traditional institutions (like banks).
Most of their nationwide business comes from payday loans, installment loans, and check cashing.
Cash advances should be used for short-term financial needs only, not as a long-term financial solution.
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