Yes, bad credit loans in New Mexico are available with Pheabs. We have a whole host of lenders who are able to take a view on different credit histories, including those with very bad and poor credit. 

For starters, payday loans in New Mexico are designed for people with fair or bad credit anyway and those with good credit will typically use personal loans or online installment loans — so our lenders understand your track record is not going to be perfect. However, if you are over 18, have a stable income, employment and are committed to paying on time, there is no reason why you cannot be approved and get the loan you need.

In some cases, you may be recommended alternative products such as credit cards, credit unions, apps or secured loans against your car (title loans) — so that you can get the money you are looking for.

We are a fully online broker who matches your loan request with the best payday loans companies in New Mexico based on your requirements and with those who are most likely to approve you. There is no need to apply with one lender after the other and face rejection when we have multiple lenders on our panel — and it is completely free to apply and won’t impact your credit score in any way.

So if you need $100 or $300 or want to borrow $500 in Albuquerque, Las Cruces, Rio Rancho, Sante, Roswell, Farmington or anywhere else, we are here to help and save you time, money and maximise your chances of approval today.

If you need money for an emergency, find the right amount to cover any expenses and ensure that you can cover the cost of any repayments. Are you able to repay the loan right away on your next payday or would you prefer to stretch payment over several weeks and months.

You can proceed by agreeing to the loan decision on the screen and you can electronically sign your loan agreement using an email link and unique SMS code that is sent to your cell phone.

Subject to further credit and affordability checks, the loan can sent to your bank account within a few minutes, 1 hour, same day or next business day!

Borrow $500.00 over a two-week term, will cost $75.00 in interest and a total repayment of $575.00 ($15 per $100) based on a representative APR of 400%.

Legal StatusLegal
Loan Amounts$0 to $2,500
Loan Term1 to 35 days (can be extended to 130 days)
Max APR416% APR
Accept Bad CreditYes
Short Term OptionsYes
Long Term OptionsYes
No Credit Check OptionsYes
Fixed InterestYes
Early RepaymentYes

Pheabs offers payday loans with instant approval once you have completed your application form. A competitive offer from one of our direct lenders will be presented on the screen, saying that you can borrow a specific amount at this rate advertised — and you simply have the choice if you would like to proceed or not. 

When your application is going through, it will be processing thousands of data points to pair you up with the right lender and offer the best offer on the screen.

However, we must confirm that although we offer an instant decision, we cannot always offer a guaranteed loan, since your application will always be subject to further checks to ensure that you can afford repayments and will not fall into financial difficulty. Additional checks may be asking for documentation to confirm your income or employment or a quick call on the phone to the lender to confirm some details.

Yes, it is possible to get a payday loan in New Mexico without credit checks and this may be better suited for those with bad credit. 

To be eligible for this, you may have to use valuable collateral such as your car or other vehicle to borrow the money you need. We may suggest other alternative products from banks, credit unions or apps that do not carry out credit checking in order to approve your loan.


Our loans are designed to be used for short-term emergencies such as paying for household bills, expenses, damages, rent or car repairs and they are not supposed to be for long-term use.

To be eligible, you must be:

  • Over 18 years of age
  • Full-time US resident
  • Be living in New Mexico or hold residency there (so it is OK if you live outside New Mexico for the time being)
  • Have a social security number
  • Be employed full-time or part-time and earning at least $500 per month
  • Have a US cell number and bank account
  • Can afford to make repayments on time

We offer loans in all areas including Agua Fria and Eunice, Alamogordo, Albuquerque, Angustura, Anthony, Artesia, Aztec, Bayard, Belen, Bernalillo, Bloomfield, Boles Acres and Arroyo Seco, Bosque Farms, Cannon AFB and San Ysidro CDP, Carlsbad, Center Point, Chaparral, Chimayo, Clayton, Clovis, Corrales, Crouch Mesa, Crownpoint, Deming, Dulce, Edgewood, El Cerro, El Cerro Mission, El Valle de Arroyo Seco, Eldorado at Santa Fe, Espaà±ola, Farmington, Flora Vista, Gallup, Grants, Hobbs, Holloman AFB, Jal, Jarales, Jemez Pueblo, Keeler Farm, Kirtland AFB, La Cienega, La Luz, La Mesilla, La Plata, Las Cruces, Las Maravillas, Las Vegas, Lee Acres, Little Walnut Village, Lordsburg, Los Alamos, Los Chaves, Los Lunas, Los Ranchos de Albuquerque, Lovington, Meadow Lake, Mesilla, Milan, Moriarty, Nambe, Navajo, North Hobbs, North Valley, Paradise Hills, Peralta, Placitas CDP, Pojoaque, Portales, Ranchos de Taos, Raton, Rio Communities, Rio Rancho, Roswell, Ruidoso, Ruidoso Downs, Sandia Heights, Santa Fe, Santa Rosa, Santa Teresa, Santo Domingo Pueblo, Shiprock, Silver City, Socorro, South River, South Valley, Sunland Park, Taos, Thoreau, Tres Arroyos, Truth or Consequences, Tucumcari, Tularosa, University Park, Vado, Valencia CDP, West Hammond, White Rock, Zuni Pueblo. 

What Happens if I Cannot Repay My Loan On Time?

If you do not pay your loan on the agreed dates, you will typically receive a follow up emails, SMS or call from the lender — and this will typically incur late fees, additional interest added to your loan amount and it will cause your credit score to fall. The sooner you can make repayment or pay off your loan, the less fees will be incurred and there will be less damage to your credit score.

By not speaking to the lender about any payment issues you are having, they will need to keep messaging or calling you to chase repayment and this could ultimately lead to sending you a court order. With this in mind, you should try to speak to your lender as soon as you know you may have trouble repaying because they may be able to help by offering an installment plan or similar.

How Much Can I Borrow With Pheabs?

Pheabs offers $100 to $2500 in the state of New Mexico and the amount you can borrow is based on your income, affordability and amount of debt that you have open at the moment.

Are Payday Loans Legal In New Mexico?

Yes, payday loans are legal in New Mexico and there are numerous regulations in place to protect consumers including a maximum price cap on interest rates, a limit to the number of loans you can have open and no rollovers allowed.

What Is The Maximum Number Of Payday Loans Allowed In Mexico?

Living in New Mexico, there may be a limit of having only 1 or 2 payday loans open at any time.

How Fast Can I Get My Loan?

We process loan applications instantly and if approved, small amounts can be funded within 15 minutes to 1 hour, with some other loans able to be transferred on the same day or next business day.

How Long Can I Borrow For?

Your loan can be open for up to 35 days, with some lenders giving you the option to repay over 3,6 or 12 months or longer.

Do I Need To Apply Online Or In Store?

Pheabs offers a fully online experience, working with direct lenders who will process and fund your loan. There are a number of physical stores in the state of New Mexico where you can visit on the day and receive funds if successful.

What Is The Price Cap for Payday Loans In New Mexico?

The maximum APR is 416% and this means that your loan will never be higher than this — and in many cases, the interest rate charged will be much lower and this is typically based on your credit score.

Can I Repay My Loan Early?

Yes, you can always contact the lender directly and you have the right to repay the loan early, at any time. Paying off the loan early will often result in paying less interest overall, since less is accruing overall.