New Mexico Terms & Rates

As of  November 2020, Leap Credit became a state-licensed, short-term installment loan lender in the State of New Mexico. We follow all applicable laws in New Mexico.

Installment loans or lines of credit in New Mexico are available from Leap Credit (a proud member of Hive Financial Systems) in amounts from $500 to $1,100 based on your qualification. These loans are paid in regular payments over eight months based on your selection of terms in either weekly, bi-weekly, or monthly payments with finance fees calculated daily. Refinances result in more finance charges paid over the life of the loan. Early loan repayment reduces overall finance fees. Late payments accrue additional finance fees and charges.

New Mexico Personal Installment loans

Though New Mexico is the fifth most affordable state to live in in the United States, with a cost of living index 4% lower than the national average, it doesn’t mean residents don’t need financial assistance from time to time. For those unexpected situations that require money you may not have, Leap Credit is here.

Because New Mexico installment loans are intended to be temporary solutions, it’s important to remember that these types of loans aren’t the answer to any type of long-term financial issues. You might consider a licensed New Mexico Credit Access Business (CAB) installment loan for a simple home repair or for moving expenses. New Mexico installment loans also offer a quick, convenient solution when a medical need arises, or if there’s an unexpected death in the family.

An installment loan serviced by Leap Credit allows you to bridge your financial gap and focus on the pressing needs of daily life.

New Mexico short-term installment loans are a useful alternative to payday loans. While there are similarities between the two, a New Mexico CAB installment loan will typically give you better pricing and structured payments.

The benefits of a Leap Credit Installment Loan in New Mexico include reasonable terms, affordability, lower prices, and exceptional customer service.

More than 10 million Americans use installment loans annually, borrowing amounts that range from $100 to more than $3,000. The loans are issued by consumer finance companies, which differ from lenders that issue payday and auto title loans and have much lower prices than those products. Loans are repaid in four to 60 monthly installments that are usually affordable for borrowers.

The affordability of installment loans also makes it easier on your budget and financial situation. One of the biggest benefits of an installment loan is the consumer-friendly process, from the time you apply to the time you finish paying off the loan.

Nick Bourke, director of Pew’s consumer finance project says of installment loans: “With sensible safeguards, installment loans can be better alternatives to payday and other high-cost loans for applicants with low credit scores.” When all is said and done, when you need money in a pinch there is no better option than New Mexico installment loans.

How does a Leap Credit New Mexico installment loan work?

An applicant would start by completing our online loan application, or you can call 1-888-532-7842 to speak with one of our customer service agents. Once you have identified the amount of money you need to borrow and you’ve reviewed the repayment terms to make sure they are consistent with your

ability to repay, your application will be submitted. Once you are approved, Leap Credit will transfer the funds directly into your bank account within two business days.

When paying back your loan, you have the option to have money directly debited from your bank account, or you can make manual payments. Your online installment loan in New Mexico loan payments will be due at regular intervals–usually for the same amount per month. If, at any point, the repayment plan causes financial strain, contact Leap Credit immediately. We can help. We base our business model on the knowledge that you want to repay the loan. We’re in this together—partners in your financial security.

In some cases, borrowers have been able to pay off the loan quicker than their repayment terms. There are no penalties for paying the loan back early. Paying a short-term installment loan back early helps you save money on interest in the long run. Knowing this is possible with an installment loan makes it a more viable option for most borrowers.

Fee Schedule and APR

The loan amount determines the CAB fees on your loan. The third-party lender pays your CAB fees upfront to Leap Credit. Then, you repay the CAB fees as part of your installment payments. In addition to CAB fees, the third-party lender also charges 10.00% APR on the loan principal. Fees are high for a CAB installment loan. This type of loan is meant for urgent financial situations, not as a long-term financial solution.  Click here to find fee schedules for three common loan amounts offered to our customers.

Loan Repayment

Your repayment schedule will be detailed in the loan agreement issued by the third-party lender. You are required to repay your loan in full. There is no penalty for making an early or partial payment. Paying off your loan early may result in Leap Credit waiving part of your CAB fee.

 

New Mexico installment loan rate and terms

Consumer Disclosure Form

Below are disclosures required by the state of New Mexico for residents applying for a multi-payment CAB loan. Each link contains a complete outline of the fees associated with a CAB loan serviced by Leap Credit.

Tips for borrowers

Borrowing wisely is crucial to your financial success. Because installment loans in New Mexico are short-term loans, it is important to make payments consistently and on-time. Here are a few points to consider when repaying an installment loan:

  • Pay down principal, in addition to interest. When discussing your repayment terms with the lender, notice how payments are set up. Typically, you’ll be paying some interest, as well as principal. A minimum payment is designed to pay down your interest first, and then principal. Adding money to your principal payment will allow you to pay off your loan much quicker. How to do this: Simply adding several dollars to the minimum payment each month will help you slowly chip away at the loan principal. It certainly adds up!
  • Break up your paycheck. Set up your installment loan payments to correspond to your income schedule and other financial obligations. Every situation is different. Work out your payments so that you only need to spend a small amount of your paycheck on your loan payments. Allow yourself flexibility to afford day-to-day activities and needs.
  • Consider the length of the loan. In some instances, you may be able to make payments to pay off the loan quickly. However, if the need arises, consider taking longer to pay back the loan. Leap Credit will work to take all financial factors into consideration as you go through the application process.
  • Remember: Installments. Don’t get overwhelmed. You don’t have to pay back the entire loan all at once. (If you are able to, certainly consider that option.) Set up your installment payments to fit your budget. However, don’t be lax if you can afford the payment. You are accruing interest, so make installment payments as often as you are able.

You deserve a credit option that sees you as more than a credit score. We look at your entire borrower profile—and we see you. That’s why we’re confident that you will repay the installment loan on time. Mutual respect is the foundation of our philosophy here at Leap Credit. And it’s how we plan to earn our place as your lifetime financial partner.

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