Looking for an Unsecured Personal Loan in New Mexico?
In a rut and can’t get out of it? Are you finding yourself short on cash or needing a little extra to cover an unexpected expense? There are few things as stressful as not having enough money to care for your family or cover the monthly bills; we understand this. That’s why our Loan Discovery Program has been designed to move at the speed of Now, to get you the money you need fast! Our discovery questionnaire only takes 60 seconds to complete and you could have options available in as little as 5 minutes. We know you want to have solutions quick and we have accommodated that desire.
Not only is the process fast but so is the amount of time it takes for you to receive your money. An unsecured personal loan through Loans Now can be available typically within 24 hours. This way, you can take care of that sudden expense or pay those bills before they become overdue. With one less worry on your mind, you can focus on enjoying time with your family rather than stressing over providing for them. A personal loan can also give you a little bit extra so you can take them on a fun adventure.
Unsecured Loans for People with Bad or No Credit
Aside from being fast, what if this process worked for people with no credit or bad credit as well? In fact, our loan discovery program does that very thing! We work with credit scores as low as 450, providing people with bad credit options to get out of that rut and take care of their families. If you do not know your credit score, you can check your credit score as part of the discovery process. When you do, you are doing more than taking that crucial first step to receiving assistance. You are also:
- Protecting your wallet; it is free when you check your own credit score
- Protecting your credit; pulling a copy of your own credit does not affect your score
- Protecting your time; no wasting time sitting in lender offices for hours while they process your application
So, you see a little of how it works. The process is fast, the money is available fast, and even people with bad credit can benefit from our service. Our service is also absolutely free! There are no fees associated with our service. There are even more ways a personal loan from Loans Now can benefit you:
- Payment plans for 3, 5, or 7 years, keeping it manageable with your budget
- Percentage rates as low as 4.99%
- Borrowed amounts can range between $500 – $70,000
New Mexico — Struggling All-Around
Education in New Mexico is bleak. Of the 50 US states, it ranks last in primary education. Only 68% of high schoolers actually graduate. This lack of education is causing many other problems for the state, and the future. The crime rate is high, with only one state ranking higher (Alaska). There is room to argue a direct correlation between the two as an uneducated populace often struggles with matters of morality. Violent crimes in the state are extremely elevated, nearly twice as much as the national average, and an above-average number of juveniles are incarcerated.
Opportunities remain low in New Mexico as very few businesses are expanding into the state. With an average household income of $47,000, this is preventing residents from improving their living and financial situations. It is also a contributing factor to the 20% poverty rate the state is experiencing. A lack of education and opportunity is creating dismal conditions in the state which are causing people to turn to “high-interest signature loans” — essentially a payday loan in disguise. If you live in New Mexico and you are in dire straits for money, do not seek out one of these loans. Loans Now can find you an option that will not require you to pay 1400% interest as some of these businesses have been known to do.
New Mexico Laws and Regulations for Bad Credit Personal Loans
New Mexico has no maximum rate of interest that it considers usury. It does state in the statutes (§ 56-8-3) that in the case of an oral agreement, the legal limit a lender can charge is 15%. This has caused some issues recently in the state with payday lenders switching their business model to high-interest signature loans. These loan companies have been known to not only charge in excess of 1400% interest on the loans they have been issuing but over the last few years, they have also been keeping this rate from borrowers.
Even though the state has no usury interest rate, the New Mexico Supreme Court has ruled such actions unconscionable. Because of a ruling handed down in 2014 in the case of State of New Mexico v. B&B Investment Group, this practice is happening less often but still occurs on the grounds that the state does not have any established usury laws and that these businesses are within their rights to charge extremely high percentages of interest. Loan seekers must be wary about who they do business within the state of New Mexico.
Loans Now: Core Policies & Procedures
- Never collect or share sensitive customer information: SSN, DOB, Address.
- Never collect up-front payment to process a customer’s loan application / or fund a loan. Loans Now will NEVER ask you to send us money in any form.
- Introduce customers to our Loan Discovery Process. A one-on-one loan service strategy that fits every customer’s unique needs with the right lender for them
New Mexico Personal Loan for Bad Credit Lending Regulator
The Financial Institutions Division is a section of the Regulation and Licensing Department for the State of New Mexico. Its purpose includes oversight of all state-chartered depository institutions as well as non-depository companies. Issuing licenses and following-up on complaints against an institution are also part of this division’s regulatory authority.
- Loan Discovery Process
- Credit Scores Reviewed to 450
- 2, 3, 5 & 7 Year Terms
- Loan Amounts $500 - 70K