Payday Loans Albuquerque -Finding a Payday Loan Alternative


Looking for lenders in Albuquerque, New Mexico for a quick and easy loan? You might have come across payday loans.

Payday loans are actually banned throughout New Mexico because of their predatory nature. But there are some lenders who can get around the regulations. They typically conduct business online, but online payday loans can be just as dangerous. 

Payday loans can leave you paying triple-digit APRs, added fees, and even hurt your credit score. The good news is that there are safer lending alternatives to payday loans in Albuquerque. 

How To Get a Cash Advance in Albuquerque, NM

Payday loans are some of the riskiest lending options around. Many people that take out payday loans face difficulties repaying them because of the high fees and interest rates attached. For this reason, payday loans are considered illegal in the state of New Mexico. 

Take a look at some safer and cheaper short-term lending alternatives to payday loans. Here’s our take on the best cash advances in Albuquerque, New Mexico. 


Max Advance Amount: $250

APR: 0%

Credit Affects: None

Instacash is MoneyLion’s safe and affordable alternative to payday loans. Payday lenders use interest rates and fees to sink you further into debt. Instacash, on the other hand, is a cash advance on money you’re already working for. Instacash works by deducting the amount you borrow from your next paycheck at 0% interest. 

Best part? It’s completely free to get Instacash deposited into your RoarMoney account or external bank account within a couple of days. Need your funds right now? You can simply pay a small fee for instant deposits.

How to Qualify: 

  • You must be at least 18
  • Steady income or deposits 
  • A bank account that has been open for 60 days or more
  • A positive balance in your bank account

In-Person Lender

Max Loan Amount: Up to $5,000 or 25% of collateral

APR: No limit to how high 

Credit Affects: Can potentially harm your credit if you miss payments 

Since payday loans are illegal in New Mexico, many people opt for title loans or installment loans. Title loans require borrowers to put up an asset they own as collateral for the loan – such as a home or car. If the borrower cannot meet the terms of the loan they can lose that asset, even if it is something as valuable as their home. 

Many installment loans in Albuquerque function like payday loans in disguise. With installment loans, you’ll have to repay the amount you owe at different time intervals. There is no limit on how high APRs can reach. And many borrowers find themselves shelling out money for APRs as high as 175%. There’s also the possibility of harming your credit score and falling into debt. 

Because of the severity of the consequences of missing payments, title loans are not a recommended lending option. You can read more about predatory loans and payday loans in Albuquerque here

How to qualify for installment loans or title loans: 

  • You must be at least 18
  • American citizen or permanent resident
  • You must provide your name, date of birth, Social Security number, and a valid ID
  • Your bank account information

Instant Online Loan Options in Albuquerque

Instacash is an ideal option for a quick and safe cash advance. There’s also instant loans, which allow you to access even more money. Take a look at our top choice for instant loans in Albuquerque. 

Credit Builder Loan

Loan Amount: You could qualify for up to $1,000

Credit Affects: Most Credit Builder Loan users boost their credit score by 60 points in 60 days! 

MoneyLion offers a Credit Builder Loan as a safe alternative to predatory loans. You’ll be able to access cash instantly and have the opportunity to boost your credit score! That’s right, MoneyLion’s Credit Builder Loan comes with a low APR that’s designed to boost your score. 

Our favorite part? There are NO credit checks and you don’t even need a credit history to qualify!

How to Qualify:

  • You must be at least 18 
  • American citizen or permanent resident
  • You must provide personal information such as your name, address, social security number, etc.
  • Have a bank account, debit card, or prepaid card to make payments

Comparing Your Cash Advance Loan Options in Albuquerque

Looking to compare different lending options? We’ve done the research for you. Here’s what you can expect from different cash advance options in Albuquerque. 

InstacashCredit Builder LoanTitle LoanInstallment Loan
How Much Can You Borrow?$250$1,000Typically up to 25% of your collateral’s value Typically up to $5,000
Fees & InterestFree Access
0% APR
Competitive APR $19.99/month feeUnlimited APR’sUnlimited APR’s
Impacts Your Credit?NoYes, it builds your credit score. Won’t typically impact your creditWill hurt your credit if you miss payments
AvailabilityOnline & MobileOnline & MobileDepends on lenderDepends on lender
Wait TimeInstantly*InstantlySeveral business days or even weeksNext business day
Next StepsSign UpSign Up

Find better alternatives to payday loans in Albuquerque

Predatory lenders can cause considerable harm to your finances and credit score. You could even be at risk of losing your home, car, or another valuable asset with a title loan. MoneyLion is designed to be a safe alternative so you can avoid these types of lending options altogether. 

MoneyLion is a one-stop-shop for improving your overall financial health. Aside from low-cost, fast lending options, you can also access RoarMoney, a mobile bank account that lets you get paid up to 2 days earlier. There’s also weekly spending reports, investment accounts, and more.

Learn more about how MoneyLion can make an impact on your financial health!

Sign Up
Sign Up

Get cash fast, pay no interest

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

Sign Up