5.99 - 21.49 %
APR
2 - 6 years
Loan Term
Check rates
On partner's site

Best Personal Loans in New Mexico

We have found 113 personal loans in New Mexico. Compare and choose the best loan for your purpose.

By Myfin Team
Updated June 12, 2024
Showing 113 personal loans
APR
5.99 - 21.49 %
with Autopay
Term
2 - 6years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.5%
  • Origination fee:
    No origination fee.
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Low rates
    • No fees
    • Fast approval and funding
    • Rate discount for autopay
    • Digital experience
  • Cons:
    • Minimum loan amount is a bit high
    • Requires a long credit history

LightStream is the online lending division of Truist (formerly SunTrust Bank).

The key feature of LightStream's online personal loans is that they can be up to $100,000 and used for nearly any reason.

LightStream charges no fees on its personal loans. Plus, it offers to send you $100 if you’re unsatisfied with the loan process.

See LightStream full product review
Check rates
On partner's site
APR
6.99 - 24.99 %
with Autopay
Term
3 - 6years
Loan amount
$3,500 - $40,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Autopay discount:
    0.25%
  • Origination fee:
    No origination fee.
  • Funds available in:
    5 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No fees
    • Autopay discount
  • Cons:
    • Long time to receive funds
    • No Cosigner Option

Marcus offers unsecured personal loans up to $40,000 with rates from 6.99% to 24.99%.

Marcus does not charge origination, late payment and check processing fees.

See Marcus by Goldman Sachs full product review
Check rates
On partner's site
APR
5.6 - 35.99 %
Term
3 - 5years
Loan amount
$5,100 - $50,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    10%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No prepayment penalty
    • Next day funding
  • Cons:
    • Origination Fee
    • Extra Fees

Upstart loans range from $1,000 to $50,000. Not all applicants will qualify for the full amount.

The minimum loan amount: $7,000 (MA), $6,000 (Ohio), $5,100 (NM), $3,100 (GA), $2,100 (HI).

Borrowers need credit scores of 580 or higher.

Upstart offers fixed-rate APRs that vary from 5.60% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 0% to 8%.

See Upstart full product review
Check rates
On partner's site
APR
8.99 - 29.99 %
Term
2 - 5years
Loan amount
$5,100 - $40,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    5%
  • Funds available in:
    3-6 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • No prepayment or late fees
    • Free monthly FICO score updates
  • Cons:
    • Co-signers are not accepted
    • Origination Fee
    • Slow funding
    • Not available in all states

The Payoff Loan™ is an unsecured personal loan designed to consolidate your credit cards into one monthly payment. Payoff requires a minimum FICO credit score of 640 or higher. It provides loans of up to $40,000.

The Payoff platform provides loans with rates between 8.99% and 29.99% APR. Minimum loan amount and APR may vary in certain states.

See Payoff® full product review
Check rates
On partner's site
APR
8.3 - 36 %
Term
3 - 5years
Loan amount
$1,000 - $40,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    3 - 6%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Quick, easy online application
    • Fast funding
  • Cons:
    • Origination fee

LendingClub offers loans of $1,000 to $40,000.

The APR range is from 8.30% to 36.00%. Loan terms are available for 3 or 5 years.

LendingClub charges an origination fee of 3% to 6% on personal loans.

See LendingClub full product review
Check rates
On partner's site
APR
7.99 - 23.43 %
with Autopay
Term
2 - 7years
Loan amount
$5,000 - $100,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Autopay discount:
    0.25%
  • Origination fee:
    No origination fee.
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Rate discount for autopay
    • No Fees
  • Cons:
    • Not available to residents of Mississippi
    • No secured loan option

SoFi loans range between $5,000 to $100,000.

The APR range is from 7.99% to 23.43% (with discounts). Loan terms are available for 2 or 7 years.

The loan is not available in Mississippi.

SoFi personal loans have no fees: no origination fees, no late fees, no prepayment penalties.

See SoFi full product review
Check rates
On partner's site
APR
9.95 - 35.95 %
Term
1 - 5years
Loan amount
$2,000 - $35,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    4.75%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Low minimum credit score requirements
    • No prepayment fees
  • Cons:
    • Fees
    • No Autopay discount
    • No Cosigner Option

Avant offers unsecured loans of $2,000 to $35,000. Rates range from 9.95% to 35.95%.

Avant charges an origination fee up to 4.75%.

Avant personal loans are not available in Colorado, Iowa, West Virginia, New York, Vermont, Hawaii, and Nevada.

See Avant full product review
Check rates
On partner's site
APR
7.95 - 35.99 %
Term
3 - 5years
Loan amount
$2,000 - $40,000
  • Minimum credit:
    scorer
    Fair (580-669)
  • Origination fee:
    2.41 - 5%
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval and funding
    • Simple application process
  • Cons:
    • Origination fee
    • Extra Fees
    • No Autopay Discount
    • Not available in all states

Prosper offers fixed-rate APRs that vary from 7.95% to 35.99%. Loan terms are available for 3 or 5 years.

The origination fee ranges from 2.41% to 5%. Prosper charges $15 for failed payments or returned checks. Payments that are 15 or more days late are assessed a late fee.

If you don't qualify for a personal loan with Prosper, consider applying with a co-applicant.

See Prosper full product review
Check rates
On partner's site
APR
7.99 - 35.99 %
Term
3 - 5years
Loan amount
$5,000 - $50,000
  • Minimum credit:
    scorer
    Good (670-739)
  • Origination fee:
    0.99 - 8.99%
  • Funds available in:
    1-3 business days.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Fast approval
    • Low fixed rates
    • Fast funding
  • Cons:
    • Fee charged

Best Egg is a national online lending platform offering personal loans starting at $2,000 for a variety of purposes.

Best Egg’s personal loans are ideal for consolidating debt or funding major expenses. Borrowers cannot use loans toward securities or postsecondary educational expenses.

There are no prepayment penalties, so you can pay off the loan ahead of schedule without extra fees.

Best Egg origination fees vary from 0.99% to 8.99%.

The quote you receive is based on multiple factors, including: Credit score and history, Income, Debt obligations, Loan amount, Repayment term (36 vs. 60 months).

See Best Egg full product review
Check rates
On partner's site
APR
18 - 35.99 %
Term
2 - 5years
Loan amount
$1,500 - $20,000
  • Minimum credit:
    scorer
    Poor (300-579)
  • Origination fee:
    $25 - $500
  • Funds available in:
    1 business day.
  • Loan Purpose:
    Personal Loan
  • Pros:
    • Secured and unsecured options
    • Poor-credit applicants considered
  • Cons:
    • Origination fee
    • Extra Fees
    • High Rates

OneMain Financial offers loans that range from $1,500 to $20,000. The annual percentage rate ranges from 18.00% to 35.99%.

You may be approved for an unsecured or a secured loan. A secured loan requires you to provide collateral, such as a motor vehicle, while an unsecured loan doesn’t require any collateral at all.

OneMain charges late payment fees. These fees may range from a flat amount of $5 to $30 per late payment, or they may be a percentage of your entire monthly payment amount or a percentage of the delinquent portion of your monthly payment amount, ranging from 1.5% to 15%.

The lender charges an origination fee. Flat fees vary by state and range from $25 to $500. Percentage fees range from 1% to 10% of the loan.

See OneMain Financial full product review
Check rates
On partner's site
For example, if you apply for a 2-year $5,000 personal loan with an interest rate of 15% and an origination fee of 5% you would receive $4,750 and make 24 payments of $242.43. The total amount paid would be $5,818.
Search for best loan
Showing 113 personal loans
Amount
$
Credit Score
City, state or Zip
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Loan Purpose
  • Personal Loan
  • Home Improvement Loan
  • Medical (Dental) Loan
  • Debt Consolidation Loan
  • Major Purchase
  • Refinance Credit Card
  • Moving Expenses (Relocation)
  • Travel
  • Other

TOP 5 banks offering personal loans in New Mexico

Showing 5 banks
Sort by: Branches
Branches 67 bank branches
Total Assets (US$M)1,712,535,000
Belen Main
101 S Main St, Belen, NM, 87002
Wednesday: Closed
Bernalillo
239 W Hwy 550, Bernalillo, NM, 87004
Wednesday: Closed
Cuba
6381 S Main St, Cuba, NM, 87013
Wednesday: Closed
Show all departments
Branches 29 bank branches
Total Assets (US$M)582,252,757
Belen Reinken Ave Nm Branch
620 W Reinken Ave, Belen, NM, 87002-3637
Wednesday: 9:30 AM - 4:00 PM
Bernalillo Nm Branch
388 W Highway 550, Bernalillo, NM, 87004-5974
Los Lunas Nm Branch
2421 Main St Se, Los Lunas, NM, 87031-6323
Show all departments
Branches 26 bank branches
Total Assets (US$M)20,164,584
West Albuquerque Branch
3761 Highway 528 Northwest, Albuquerque, NM, 87114
Eubank Branch
3000 Eubank Blvd Ne, Albuquerque, NM, 87111
Osuna Branch
4400 Osuna Road, Ne, Albuquerque, NM, 87109
Show all departments
Branches 22 bank branches
Total Assets (US$M)94,491,881
Cedar Crest Branch
12127 North Highway 14, Cedar Crest, NM, 87008
Los Lunas Branch
2610 Main Street Nw, Los Lunas, NM, 87031
Cottonwood Branch
10050 Coors Bypass Boulevard, N.w., Albuquerque, NM, 87114
Show all departments
Branches 20 bank branches
Total Assets (US$M)2,440,022,000

Choosing the Perfect Personal Loan in New Mexico

When managing your finances, personal loans can be a useful resource for closing any gaps in your budget. When used wisely, a personal loan can provide financial flexibility and improve your overall financial well-being. That's why, with this in mind, we offer you several approaches to evaluating and choosing the most appropriate personal loan in New Mexico.

  • Annual Percentage Rates (APRs). When assessing loan options, it is essential to consider the Annual Percentage Rate (APR). Unlike the simple interest rate, the APR provides a more comprehensive view of the loan's total cost, including associated fees. By comparing APRs, you can determine which loan will be more cost-effective in the long term. In the state of New Mexico, APRs can range from 4.49% to 36%.
  • Loan Amounts. Researching the available loan amounts and selecting a lender that offers a wide range is advantageous. In New Mexico, loans are offered starting from $100 and going up to $500,000. Opting for a lender that allows partial loan withdrawals, with interest payments only on the utilized funds, can be beneficial for projects where the required amount varies over time, such as home renovations or car repairs.
  • Monthly Payments. The monthly payment is the total amount you are required to pay each month. It is crucial to ensure that this amount comfortably fits within your budget, allowing you to cover other essential expenses while repaying the loan and interest.
  • Credit Requirements. Generally, lenders prefer borrowers with good to excellent credit scores (670 or higher). However, some lenders may consider individuals with poor to fair credit. Although a high credit score does not guarantee better rates, it significantly improves your chances of loan approval. In New Mexico, the lowest acceptable credit score is Poor (300 - 579). Tailoring your search based on your credit score will help you secure the most favorable loan terms.
  • Collateral. Most personal loans in New Mexico are unsecured and do not require collateral. However, certain loans may require collateral. Secured loans typically offer lower interest rates since the lender assumes less risk with collateral involved. On the other hand, unsecured loans usually have higher interest rates. If you have concerns about high interest rates, which can reach 36% in New Mexico, a secured personal loan might be a viable option.
  • Origination Fees. In addition to interest, many lenders charge origination fees as processing fees. These fees are usually a percentage of the total loan amount and can vary among lenders. Choosing a personal loan with low origination fees can result in long-term savings.

Compare the Best New Mexico Lenders for Personal Loans

This side-by-side analysis will assist you in selecting a loan that offers favorable terms for your financial situation.

LenderAPRLoan AmountLoan termOrigination FeeScore RequiredApply
LightStream
6.49 - 21.99%$5,000 - $100,0002 - 6 yearsNo origination fee.From Fair (580-669) to Fair (580-669)Check rates
On partner's site
Marcus by Goldman Sachs
7.24 - 25.24%$3,500 - $40,0003 - 6 yearsNo origination fee.From Fair (580-669) to Excellent (740-799)Check rates
On partner's site
Upstart
5.6 - 35.99%$1,000 - $50,0003 - 5 years10%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
Payoff®
8.99 - 29.99%$5,000 - $40,0002 - 5 years5%From Good (670-739) to Excellent (740-799)Check rates
On partner's site
LendingClub
8.3 - 36%$1,000 - $40,0003 - 5 years3 - 6%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
SoFi
8.24 - 23.68%$5,000 - $100,0002 - 7 yearsNo origination fee.From Good (670-739) to Excellent (740-799)Check rates
On partner's site
Avant
9.95 - 35.95%$2,000 - $35,0001 - 5 years4.75%From Poor (300-579) to Excellent (740-799)Check rates
On partner's site
Prosper
7.95 - 35.99%$2,000 - $40,0003 - 5 years2.41 - 5%From Fair (580-669) to Excellent (740-799)Check rates
On partner's site
Best Egg
7.99 - 35.99%$2,000 - $50,0003 - 5 years0.99 - 8.99%From Good (670-739) to Good (670-739)Check rates
On partner's site
OneMain Financial
18 - 35.99%$1,500 - $20,0002 - 5 years$25 - $500From Poor (300-579) to Excellent (740-799)Check rates
On partner's site

Tips to Improve Personal Loan Approval Odds in New Mexico

  1. Improve Your Credit Score. Maintaining a good credit score significantly enhances your chances of loan approval. Ensure timely payments, minimize total debt, limit new credit applications, and review credit reports for errors.
  2. Borrow Within Your Means. Lenders evaluate your regular income to determine repayment ability. Request an amount that aligns with your financial capacity. Smaller loans often have more relaxed requirements and a higher likelihood of approval.
  3. Reduce Existing Debt. Paying off existing debts decreases risk for lenders. Prioritize debt repayment before applying for a new loan to improve your financial profile.
  4. Consider a Co-applicant. Joint applicants or co-signers can enhance approval chances as their financial circumstances are considered together. Select someone with a better financial position to increase your prospects.

Conclusion

By taking into account all the factors mentioned and applying the suggested tips, you can enhance your likelihood of obtaining the most suitable personal loan in New Mexico that aligns with your financial requirements.

FAQ

What is the highest interest rate on a personal loan in New Mexico?

The highest interest rate on personal loan in New Mexico is 36%.

What is the biggest loan amount in New Mexico?

The biggest personal loan amount in New Mexico is $500,000.

What credit score do I need to have to get a personal loan in New Mexico?

To get approved for a personal loan in New Mexico you need to have at least a Poor (300-579) credit score.
Myfin TeamMyfin Team

Author, editor

content@myfin.us

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