New Mexico is a state of U.S. where pay day laws are legal. But still there are not many regulatory laws for New Mexico Payday Loans. The payday loan industry made over $80 million in total loans in New Mexico in 2004. The law allows for the loan term to run from 14 to 35 days, with fees capped at $16.00 per $100 borrowed. Loan agreements must be available in English, Spanish or other languages as determined by the Director of NMFID.

There is no minimum or maximum amount a borrower can take. A consumer cannot renew or "roll over" a loan to repay an existing loan. Individuals cannot have outstanding New Mexico Payday Loans of more than 25 percent of their gross monthly income. The new law requires a lender to offer a payday payment plan for any unpaid administrative fees and principal balance. If the borrower elects to enter into the payment plan the maximum number of days is 130 and the repayment must be scheduled.