Rates and rules
New Mexico Loan Rates and Rules
Who regulates consumer lending in New Mexico, how rates are set, and how to check a lender and its rate before you borrow. For new requests SET Financial is not the lender: it connects New Mexico residents with third-party lenders who set all rates and terms.
Get StartedThis page is general information, not a rate quote. Not everyone who applies will be matched or approved.
Who regulates consumer lending in New Mexico
Consumer lending in New Mexico is overseen by the Financial Institutions Division of the New Mexico Regulation and Licensing Department. Effective January 1, 2023, House Bill 132 set a 36% APR cap on loans of $10,000 or less made under the New Mexico Small Loan Act and the New Mexico Bank Installment Loan Act, replacing the prior cap that could reach 175%. Your actual rate, fees, and repayment terms are set solely by the lender you are matched with, within applicable law. SET Financial does not set rates and does not make credit decisions.
Regulator: New Mexico Regulation and Licensing Department, Financial Institutions Division.
How to check a lender before you borrow
Before you sign, confirm the lender is licensed to operate in New Mexico through the Regulation and Licensing Department, and review the APR, total finance charge, and payment schedule shown on your loan agreement.
Many consumer lenders are also listed on NMLS Consumer Access, a national database you can search for free to confirm a company's license status and history.
The four numbers to compare on any offer
A regulator's rules tell you about the lender. These tell you about the loan. Whoever you borrow from, and whether or not you use this site, compare offers on the same four things:
- APR. The annualized cost including most fees. It is the only number that lets you compare two different loans honestly.
- Total repayment amount. Principal plus every finance charge over the full term. A lower monthly payment stretched longer often costs more overall.
- Term and payment schedule. How many payments, how often, and the exact due dates measured against when you actually get paid.
- Fees and prepayment terms. Origination, late, and returned-payment fees, and whether paying the loan off early saves you interest.
Your loan agreement is the number that governs
Federal Truth in Lending rules require the lender to disclose the APR, finance charge, amount financed, and total of payments on the loan agreement before you sign. Any rate you see in marketing, including on this site, is general information. The figures on your own signed agreement are what actually apply to your loan.
Common questions about New Mexico rates
What interest rate can I expect on a loan in New Mexico?
Rates are set by the lender you are matched with, not by SET Financial. Effective January 1, 2023, New Mexico capped APR at 36% on loans of $10,000 or less made under the state Small Loan Act and Bank Installment Loan Act. Always confirm the APR on your loan agreement.
Who regulates consumer lenders in New Mexico?
Consumer lenders are overseen by the Financial Institutions Division of the New Mexico Regulation and Licensing Department. You can verify a lender's license and file complaints through the department.
This page is general information about New Mexico lending rules, not legal or financial advice, and it is not a rate quote. Rules change; confirm anything that matters to your situation with the New Mexico Regulation and Licensing Department, Financial Institutions Division or a qualified advisor. SET Financial is not the lender on new requests and does not set the rates, fees, terms, or approval decisions of the third-party lenders in its network.
Keep reading
- Personal loans in New Mexico covers how requests are matched and who the network works with.
- All states we serve.