Borrowers may have as many loans as they want, but they can only borrow up to 25% of their gross monthly income. There is a required 10-day “cooling off” period between loans from the same lender. Lenders are limited in collection fees to one NSF fee and they are prohibited from bringing criminal charges.
Regulating the fine line of payday lending in New Mexico is the 2006 New Mexico Statutes.
We at PayDayAllDay strongly suggest our consumers to do their research, and carefully analyze and compare the terms of services, rates, fees, and other conditions offered by several lenders before engaging in any borrowing activity.