Online Payday Loans in New Mexico – How To Get Cash Today


Do you have a regular source of income but need a cash advance on your next paycheck? Millions of Americans who need cash quickly – and without a credit check – resort to payday loans.

Payday loans are banned in New Mexico, but there are some lenders that manage to get around regulations. We’ll go over some of your options for payday loans in New Mexico and look at safer alternatives.

Options For Payday Loans in New Mexico

Payday loans require borrowers to put up a portion of their next paycheck in exchange for a cash advance. These loans come with high interest rates and need to be paid back in full – which can quickly trap borrowers into a cycle of debt. Because of their predatory nature, payday loans are have been illegal in New Mexico since 2018. Still, a few lenders manage to slip through the cracks.

Title Loans

A title loan requires a borrower put up an asset they own as collateral for the loan – usually a car. Credit scores aren’t considered because title loans are backed by an asset. However, this means that if you are unable to pay back your loan, you risk losing that asset. These loans come with high interest rates – APRs can be as high as 300% in some cases – making them a very risky form of borrowing.

Installment Loan

An installment loan in New Mexico may essentially be a payday loan in disguise. The main difference is that payday loans usually need to be paid back in full while installment loans are paid back over time.

Installment loan terms vary by lender, but if you don’t have a great credit score your APRs can be as high as 175%. If you choose to take out an installment loan, you will have to be over 18 years old, a permanent resident of the state, and have a regular source of income with an active bank account.

Payday Loan Alternatives in New Mexico

Even though payday loans are banned in New Mexico, lenders are still allowed to charge high APRs. You risk harming your credit, owing more money than you anticipated, and even losing some of your valuable assets when you settle for these dangerous loans. Let’s go over safer and more affordable alternatives.


Need a cash advance that won’t break your bank or harm your credit score? Instacash from MoneyLion is the safer alternative to traditional payday loans. You can get up to $250 at 0% APR and with no credit checks. You’ll be able to access extra funds whenever you need by logging onto the MoneyLion app

There’s no credit check. All you need is a valid checking account to apply. You’ll find out if you qualify in minutes.  

Credit Builder Loans

 If you’re looking for a larger loan and want to build up your credit, try a credit builder loan. A Credit Builder Loan from MoneyLion comes with a competitive interest rate, so you’ll be able to build up your credit as long as you keep up to date on payments.

With a MoneyLion Credit Builder Plus account, you may be able to quickly apply for a loan up to $1000 and receive same-day funding. MoneyLion will report your payments to all three credit bureaus. More than half our members raised their score by up to 27 points within 60 days!

InstacashCredit Builder LoanTitle LoanInstallment Loan
How Much Can You Borrow?$250$1,000Usually up to 25% of the value of the asset you use as collateralUsually up to $5,000
Fees & Interest 0% APRCompetitive APR, $19.99/month feeUnlimited APR’sAPR’s can be as high as 175%
Impacts Your Credit?NoYes, it builds your credit score. Won’t harm your credit, but won’t build it up eitherWill usually impact your credit
AvailabilityOnline & MobileOnline & MobileSometimes online, sometimes in-personSometimes online, sometimes in-person
Wait TimeInstantly*InstantlyMore than one business dayNext business day
Next StepsSign UpSign Up

*24-48 hours to receive your advance at 0 cost. $3.99 for instant deposit to your MoneyLion bank account, $4.99 to instantly deposit to an alternative bank account.

Don’t Settle for a Dangerous Loan

Your finances are important. When emergencies happen, don’t settle for a loan that can do more damage than good! There are safer and more affordable alternatives. Instant zero-interest cash advances and credit builder loans are available with MoneyLion.

Need some help saving and investing? MoneyLion can help with that too. Learn more about how MoneyLion can help you take charge of your finances. 

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Enjoy Instacash advances up to $250. No credit check, no monthly fee, no interest. Just cash.

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