New Mexico Payday Loan Cash Advance Fees, Rates & Interest
Spotya! Loan Fee Calculator
Use the fields below to calculate the fees and rates for your payday loan.
Spotya! is overjoyed to serve to New Mexico state residents. We believe compliance with all federal and state laws governing the payday loan industry is important. Your Spotya payday loan agreement will be governed by the laws applicable in the state of New Mexico. In accordance with the Federal Truth In Lending Act, please review this page for our full disclosure of loans fees and the corresponding Annual Percentage Rate (APR).
Maximum Loan Amount
Maximum Fee Allowed By New Mexico State Law
- $15.50 per $100.00
- An additional $0.50 verification fee per loan
Spotya Payday Loan Fee
- $15.00 per $100.00 (Please see APR above)
- Spotya! does NOT charge you the additional $0.50 verification fee allowed by law.
Our Loan Terms
Your Spotya! payday loan will be scheduled for repayment on your pay date within the next 15 to 30 days. We do not exceed 20 days loan periods unless you are only paid once per month. Verifiable payroll direct deposit to your checking account is required in order to approve your loan request.
Current Pay Stub Required
Due to state law, all Spotya! payday loan customers in the state of New Mexico must have a pay stub on file. Existing customers must have a pay stub on file dated within one year. If you do not already have a current pay stub on file with us, please fax or e-mail us your most recent pay stub to ensure that your loan can be processed as quickly as possible. For other income sources, such as Social Security or disability, a current bank statement is required for verification. Documents can be emailed to [email protected] or sent via fax to (877)776-8921 – 24 hours a day, 7 days a week. Once the required documentation is received, your payday loan will be processed as soon as possible.
Extensions or “Roll Overs”
In accordance with state law, we do not allow loan extensions for customers residing in New Mexico. Repayment for your total amount due will be required on your scheduled due date.
New Mexico Disclosure
Spotya customers in New Mexico should be aware that this loan is governed by the New Mexico Financial Institutions Division. This is a short term loan and should be used for urgent, short term financial needs only. This loan is not meant to meet long term financial needs. If your loan enters into default, please be advised that you have the option to enter into a 130 day repayment plan, with relatively equal installment payments that correspond to your pay dates. If you enter into a payment plan you will not be charged any additional interest on your outstanding balance.
Governing Law Information
- The Federal Truth In Lending Act
- Payday Loan Consumer Information
- New Mexico State Regulating Agency
New Mexico Financial Institutions Division
2550 Cerrillos Road, 3rd Floor P. O. Box 25101 Santa Fe NM 87505