In New Mexico, the maximum loan amount includes your principal and fees, and cannot be higher than 25-percent of your gross monthly income. If you have multiple cash advances, the sum of the principle amount and fees of all of them can’t be more than 25-percent of your gross monthly income. Your loan term can’t be more than 35 days. Your loan term can’t be less than 14 days, unless you sign something to let a lender give you a shorter term.
The maximum finance charges are $15.50, plus a $.50 verification fee, for every $100 you borrow. So if you were to take out a 14-day, $100 loan, the highest finance charge you’d have to pay would be $16. That’s 416-percent APR. A 14-day, $200 loan, could require up to a $32 finance charge.
If your check doesn’t clear when the lender tries to cash it, you could be charged a $15 NSF fee. Your lender is not allowed to pursue criminal action against you.
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New Mexico is a state in the United States of America. It is considered part of the American Southwest and is bordered by Texas to the east, Oklahoma to the northeast, Colorado to the north, and Arizona to the west. The northwest corner of the state also touches Utah. This area is known as the Four Corners because four states meet there. The state is called Land of Enchantment / Tierra del Encanto.
New Mexico became a state on January 6, 1912 and became the 47th state accepted into the United States. The state capital is Santa Fe. New Mexico's population is 1,819,045 and most of the people live in the biggest city, Albuquerque. New Mexico is home to one of the longest trams in the world, the Sandia Peak Tramway, in Albuquerque and one of worlds longest zip lines, the Apache Eagle ZipRider, in Ruidoso.