By Shawn Martin
The New Mexico payday loan laws are set up to be very much on the side of the lender.
This state has no limits on the amount you can borrow or any limits on how long you can borrow it.
This can be a very bad combination for the borrower as it can lead to too much debt and no way to keep up with it.
New Mexico’s payday loan law on interest is anything the lender and borrower will agree upon. this can lead to incredible rates and fees that can bury the borrower in a hurry.
There are no limits on how many loans the borrower may take out and no limits on how many times the borrower may roll the payday loan over.