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New Mexico Lenders > Las Cruces

This page was last updated November 2018

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Fair Credit Lenders in Las Cruces NM

Lenders: contact us for listing removal.

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One Source Federal Credit Union
1375 E Boutz Road Las Cruces
NM 88001 / www.onesourcefcu.org
575.523.5524

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FirstLight Federal Credit Union
3791 E Lohman Ave, Las Cruces
NM 88011 / www.firstlightfcu.org
575.526.4401

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White Sands Federal Credit Union
8452, 2190 E Lohman Ave
Las Cruc / s, NM 88001
www.wsfcu.org
575.647.4500

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Washington Federal
301 W Amador Ave, Las Cruces
NM 88005 / www.washingtonfederal.com
575.647.0704

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Bank of the West
795 S Telshor Bouelvard, Las Cruces
NM 88011 / www.bankofthewest.com
575.532.1889

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Western Heritage Bank
230 S Alameda Bouelvard, Las Cruces
NM 88005 / 575.541.0058
www.westernheritagebank.com

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WestStar Bank
555 S Telshor Bouelvard, Las Cruces
NM 88011 / www.weststarbank.com
575.323.6040

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Bank of the Southwest
605 N Water Street, Las Cruces
NM 88001 / www.bankofsw.com
575.527.5498

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Citizens Bank of Las Cruces
3065 E University Ave, Las Cruces
NM 88011 / www.citizenslc.com
575.647.6700

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Bad Credit Loans in Las Cruces NM

Fast Loan Pre-App Method
Accessing Bad Credit Lender Pool (?)

Learn about GAP (Gift Angel Program)

 

Las Cruces NM Lender Area Map

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Las Cruces NM Loan App Volume

Top 5 Las Cruces neighborhood loan app volume

  1. Organ
  2. Fran Drive/Elks Drive
  3. San Pablo
  4. North Valley Drive/San Andres Drive
  5. Missouri Avenue/South Triviz Drive

Rio Grande Theatre in Las Cruces: Licensing

Las Cruces Bad Credit Loan Example

Suzanne is having a really bad year. When they say trouble comes in threes, Suzanne can attest that it happened to her.

She desperately needs a $60k debt consolidation loan to help her pay for all of the financial trouble she is in. For starters she had a car accident and her car was totaled.

Although she had insurance, she did not have replacement coverage and her pay out did not come close to helping her buy another car.

Then she found out that she had rodent damage to her home in the attic. Her home insurance does not cover this kind of damage. Most insurance companies do not provide this type of coverage.

During this time, she spent a lot of money on credit cards. She called it therapy, but what it really did was make her financial woes worse.

She now owes almost $20000 in credit card debt to three different credit cards. Altogether, she owes almost $60000 and needs to consolidate all of this debt into one loan so that she can minimize the interest she will pay.

She has decided to apply for a twenty five year 2nd mortgage on her home to help her pay for the debt and consolidate it all.

It took her awhile to reach this point, but she has over the past few months realized that she needs to do something soon to manage the situation.

A $60000 loan with an twenty five-year term and 4.6% interest rate for Suzanne would cost her the following per month:

Loan Amount (principal) = $60000
Interest Rate = 4.6%
Term Length = 25 year
Monthly Payment = $336.91
Total Paid Back = $101074.27
Total Interest = $41074.27

Fortunately, Suzanne owns her own home and has sufficiently equity in her home to support a second mortgage. She also has sufficient income and her debt to total debt ratio is also ok.

Her credit score is also sufficient to support a loan of this type.
A 2nd mortgage is considered to be riskier than a 1st mortgage.
Interest rates are typically higher for second mortgages and there may be registration fees and insurance fees associated with a second mortgage.

Just like a first mortgage, the home needs to be appraised and certified that is worth enough money on the market to support repayment of both mortgages in case the mortgagee defaults on their monthly payments.

Suzanne feels that she really does not have a choice. She knows she got herself into this situation, partly her fault and partly fate.

It will take several weeks for the appraisal to be completed and all of the documents to be filed and the mortgage registered.

Once registration is completed, she can gain access to the money and pay all of her debts and purchase another car to replace the one she totaled.

Most important she can begin repairs to her home that were caused by rodents living in her attic. All of the insulation must be removed and new insulation installed. Also important, barriers must be installed to avoid this situation occurring again in a few months.

If you're living in Las Cruces like Suzanne, and need a loan regardless of your credit rating, we may be able to help you find a willing lender.

Sincerely,

Chris Somerset

Chris Somerset is a writer for the WFL Project.

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Upgrades Nearest Las Cruces NM

Job/Income Upgrades: Indeed / Snag-A-Job

Education Upgrades: College / University

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Las Cruces Credit Counseling

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Counselors contact us for listing removal or info change.

Credit Repair Of New Mexico
2805 Doral Ct Las Cruces
NM 88011 / 575.621.2286
creditrepairofnewmexico.com

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Credit Booster of Las Cruces
1990 E Lohman Ave Suite 216
Las Cruces, NM 88001
credit56.wixsite.com
915.201.2242

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Federal Resources

FTC Budget PDF / USA.GOV Debt Info

Las Cruces Assistance Programs

Food Bank: Roadrunner Food Bank / Address: 505 South Main Street #149A, Las Cruces, NM 88001 / Phone: 575.523.4390

Hot/Cold Meals: El Caldito Soup Kitchen / Address: 999 West Amador Avenue, Las Cruces, NM 88005 / Phone: 575.525.3831

Shelter In Case of Eviction: Jardin De Los Ninos / Address: 335 La Colonia Avenue, Las Cruces, NM 88005 / Phone: 575.541.9746

Social Assistance Programs: Help New Mexico / Address: 1252 Barker Road, Las Cruces, NM 88005 / Phone: 575.523.2411

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Usury Law Governing Las Cruces NM

Summary of New Mexico Usury Law(s) / Legal: 15% / Contract: Whatever agreed to in the contract / Judgment: 8.75% / Corporate: No specified rate (read more on New Mexico lending laws)

Complaint process for Las Cruces residents:

New Mexico Regulation & Licensing (Financial Institutions) / New Mexico Complaint Process / New Mexico Complaint Form PDF

Physical Address: New Mexico Regulation and Licensing Department / Financial Institutions Division / Toney Anaya Building, 2550 Cerrillos Road, Santa Fe, New Mexico 87505, P.O. Box 25101, Santa Fe, New Mexico 87505 / Phone: 505.476.4885 Fax 505.476.4670

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WFL Loan Products

Las Cruces residents who require a fresh start with a bad credit loan to rebuild credit learn more here. Or, perhaps your score is just fair - you can learn more here. If you're in debt way over your head, you can learn about our debt consolidation solutions here.

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