Fair to Bad Credit Loans in NM
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Last updated on August 19, 2018
Commentary is for informational purposes only. See legal disclaimers here.Daily NM Borrower Credit Scores
Last 10 borrowers applying for a loan out of New Mexico had the following credit scores. Source: WFL Lender Pool. Updated daily. FICO scores based on avg. from Transunion, Experian, and Equifax.
673 627 538 646 613 638 622 580 561 621
New Mexico Usury and Regulations
Summary of New Mexico Usury Law(s) / Quote: "Legal: 15% / Contract: Whatever agreed to in the contract / Judgment: 8.75% / Corporate: No specified rate"
(WeFindLenders.com endeavors to include the most up to date legal data for New Mexico, but no guarantee or warranty of any kind is expressed or implied as to the accuracy of said data. This data is not intended to be legal advice. For legal help speak with a lawyer in New Mexico, and/or contact the New Mexico State government's division of banking and finance - legal statutes researched by FindLaw.com & American Lawyers Quarterly - see credits)
New Mexico Usury Law Information:
Legal Maximum Interest Rates: Quote: "15% in absence of contract fixed rate / NM Statutes 56-8-3 on Interest Rates"
Usury Penalties: Quote: "Forfeiture of all interest and if paid, borrower may recover twice amount / NM Statutes 56-8-13 on Penalties and Forfeitures"
Judgment on Rates:
Quote: "8% unless judgment is on a contract, in which
case interest on recovery will be the contract rate, but if the money
judgment is for tortious conduct, interest on judgment will be 15%
/ NM Statutes 56-8-4 on Judgments and Decrees"
Legal Exceptions: Quote: "Corporations
and limited partnerships: NM Statutes 56-8-9 on Excessive Charges
Prohibited / NM Statutes 56-8-21 on Usury / Pawn Shops: NM Statutes
56-12-13 on pawn service charges"
New Mexico Lenders By City
Albuquerque NM / Las Cruces NM / Rio Rancho NM / Santa Fe NM / Roswell NM / Farmington NM / Hobbs NM / Alamogordo NM / Carlsbad NM / Gallup NM
Complaints to:
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
New Mexico Lender List
Click
or tap map image above for interactive version.
Lenders contact
us for listing removal or amendment.
Nusenda Credit Union
6501 Indian School Rd NE Albuquerque
NM 87110 - www.nusenda.org
505.889.7755
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Kirtland Federal Credit Union
6440 Gibson Blvd SE, Albuquerque
NM 87108 - 505.254.4369
www.kirtlandfcu.org
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U.S. Eagle Federal Credit Union
3939 Osuna Rd NE, Albuquerque
NM 87109 - www.useagle.org
505.342.8888
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Roswell Community FCU
2520-2598 N Main St, Roswell
NM 88201 - 575.623.7788
www.roswellcu.org
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Otero Federal Credit Union
2211 N Main St, Roswell
NM 88201 - 575.627.3000
www.oterofcu.org
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Del Norte Credit Union
3286 Cerrillos Rd, Santa Fe
NM 87507 - www.dncu.org
505.988.3628
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Nusenda Credit Union
1710 St Michaels Dr, Santa Fe
NM 87505 - www.nusenda.org
505.467.6000
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State Employees Credit Union
813 St Michaels Dr, Santa Fe
NM 87505 - www.secunm.org
505.983.7328
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Guadalupe Credit Union
3721 Academy Rd, Santa Fe
NM 87507 - guadalupecu.org
505.982.8942
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Sandia Area Federal Credit Union
4001 Office Ct Dr #708 Santa Fe
NM 87507 - www.sandia.org
505.292.6343
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Bad Credit Loan Form for New Mexico
Bad Credit Loan Example In NM
Matt makes almost $4500 a month and after taxes and other deductions he grosses $3250 a month.
He is only paid once per month and has to budget his expenses accordingly to make sure the he does not run out of cash before the end of the month.
He does not like using credit cards because for him there is too much danger of over spending. He learned the hard way by overspending and ended up with a bad credit rating.
After he pays $1000 for rent, a car loan of $500 and utilities including a cell phone of another $600 a month. He is left with $1150 for food, clothing and entertainment which is not much for a full month of expenses.
He feels that he can afford $100 a month for a loan payment which would allow him to borrow $3100. He is more focused on how much he can afford to pay vs. how much he needs to pay of his current debts.
It turns out that Matt owes a lot
more than $3100. He has two credit cards that are max’d out
and he cannot afford the monthly payment on the credit card let alone
adding another $100 payment even if he uses the loan to reduce some
of his debt.
Matt needs to focus on also reducing the interest he will pay in order
to take on a larger loan.
He knows that he may also need to cut back on some of his expenses as well.
A $3100 loan with a 3 year term 9.98% interest rate for Matt would cost him the following per month:
• Loan Amount (principal) = $3100
• Interest Rate = 9.98%
• Term Length =3 year
• Monthly Payment = $100.00
• Total Paid Back = $3599.97
• Total Interest = $499.97
Matt is in trouble from a financial perspective. While he makes over $4000 a month which sounds like a lot he is still spending more than he makes and he does not have enough cash left to pay off his debts.
He needs to consider doing something drastic.
Matt may have to take in a boarder to help pay for his rent, sell his car and buy a lower cost car, sublease his apartment and move back in with his parents until he can get control of his debts or even take on a second job.
Taking on more debt at this point is not going to work and lenders are not going to lend him more funds.
He also has a bad credit rating from earlier problems that he had with his money and debt. The reports to his credit score will likely stay on his report for at least two years if not longer.
This is assuming that he does not have any more events reported to his credit score. Some reports can stay on your credit score for as long as seven years.
Matt really needs to focus on improving his score if he wants to ever purchase a home and be approved for mortgage. He may have difficulty even being approved for another car loan.
If you live in the State of New Mexico and you're struggling to get a loan approval with a bad credit rating we hope our website helps you in some way.
Sincerely,
Chris Somerset
Chris Somerset is the daughter of Lance Somerset who founded the We Find Lenders Pool. She contributes to WeFindLenders.com whenever she's not having fun with her three children and her husband Ron.
Debt Consolidation Loans in NM
Last 5 debt service loans approved in the State of New Mexico. Source: WFL Lender Pool. Updated daily. Principals rounded to the nearest $1000. Relative interest rates listed below in order left to right.
$8500 $13000 $30000 $100000 $40000
8.50% 10.04% 14.08% 13.65% 8.57%
Debt Consolidation Providers In NM
Click
or tap map image above for interactive version. A American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Back Taxes Debt Relief - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Debt Hero Albuquerque - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - American Debt Consolidation - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Everyone's Federal Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - State Employees Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - First Financial Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - US New Mexico FCU - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Chino Federal Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - Fort Bayard Federal Credit Union - - - - - - - - - - - - - - - -
- - - - - - - - - - - - - When you are trying to find a solution
to your personal debt problems you want to make sure you don't jump into
any so-called deal that comes along. Make sure you understand all the
laws in New Mexico so that you don't become a victim of a predatory lender,
which could make your financial situation worse. Do your home work online and by picking
up the phone. Make sure that if you are talking to a bank, credit union,
debt settlement attorney, or debt relief company, you don't agree to paying
any upfront fees before they take action on your behalf for any debt service. Rob is an outdoors enthusiast and his
entire family loves to be outdoors as well enjoying water sports, fishing
and boating on a nearby lake. Rob and his wife have a son who is challenged
and they are very concerned about him being on the boat with them. They
are afraid that there will be an accident in the water and they want to
make a lifestyle change. They plan to sell their boat and purchase
two ATV’s along with a trailer to transport them. They hope to receive a debt consolidation
loan for $6000, sell the boat for $5000 and they have $4000 as a down
payment in addition to the money they receive for the boat. They are hoping that by selling the boat,
they will have a safer environment for their son and still be able to
enjoy the outdoors along with new and different activities. Their credit score is average and they
are really hoping that this loan will be approved soon so that they can
also sell their boat at the beginning of the boating season. They plan to use their ATV’s to
go on camping trips and explore some of the desert parks in New Mexico.
You really need an ATV to go to some of the places they plan to go to.
They are making a life style change from
boating to on land activities to hopefully participate in a safer outdoor
sport for their son who is considered challenged. Based on the family income level they
should be able to afford the monthly payments along with their mortgage
and car monthly payments. He must sell his boat and trailer to
make this all work since he needs the proceeds of selling his boat to
add to the purchase. They also have $4000 saved that they
can use towards the purchase of the ATV’s. Once the loan is approved,
he plans to head off to the dealer and attempt to negotiate a better deal
for the two ATV’s he is looking at. He hopes to actually need less money
than what he is applying for based on negotiating a better deal. If you live in the State of New Mexico
and you're trying to get approved for a debt consolidation loan, we hope
our website helps you find a good lender regardless of your credit rating. Andy Somerset Andy
Somerset is the son of Lance Somerset who founded the We
Find Lenders Pool. He writes for WeFindLenders.com whenever he's not
working hard on his degree in finance. Click
or tap map image above for interactive version. - - - - - - - - - - - - - - - -
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Lenders contact
us for listing removal or amendment.
Roswell NM 88201
575.623.8131
534 N Guadalupe St
Santa Fe, NM 87501
505.629.4958
Credit Consolidation
100 Sun Ave NE, Albuquerque
NM 87109 - 505.225.2168
Santa Fe, NM 87505
505.984.3093
944 highway 66, Santa Rosa, 3400
Rte 66, Santa Rosa, NM 88435
www.everyonesfcu.com
575.472.1231
1201 Mills Ave, Las Vegas
NM 87701 - www.secunm.org
505.454.1111
1625 Rio Bravo Blvd SW #6
Albuquerque NM 87105
www.ffnm.org
505.766.5600
616 Gold Ave SW, Albuquerque
NM 87102 - www.usnmfcu.org
505.342.8501
2290 Superior, Silver City
NM 88061 - www.ffnm.org
575.388.2511
11797 US-180, Arenas Valley
NM 88022 - fortbayardfcu.com
575.534.8888 NM
Debt Consolidation Application Form
About Consolidation Loans
In New Mexico
Consolidation
Example in New Mexico
They do not have a lot of debt. They pay monthly on their mortgage, a
car loan and they have zero balances on their credit cards.
A $6000 loan with a 4 year term 6.65% interest rate for Rob would cost
him the following per month:
• Loan Amount (principal) = $6000
• Interest Rate = 6.65%
• Term Length =4 year
• Monthly Payment = $142.71
• Total Paid Back = $6849.85
• Total Interest = $849.85
Rob and his wife would like a $6000 debt consolidation loan to help him
purchase two ATV’s and a trailer.
Rob’s credit score is average as well as that of his wife. They
pay their bills on time and have no negative reports on their credit report.
Rob has already listed his boat for sale and since it is the beginning
of the season, he is hoping to sell it quickly and perhaps for a little
more than he really is expecting. He could end up repaying part of his
loan early if this all goes the right way.
Sincerely,
Debt
Counseling Services In NM
Counselors contact
us for listing amendment.
Albuquerque NM 87102
www.credit.org
505.247.0314
Santa Fe - NM 87501
505.992.9758
1990 E Lohman Ave Suite 216
Las Cruces, NM 88001
credit56.wixsite.com
915.201.2242WFL Loan Product
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