New Mexico Payday Loans
January 1 through December 31, 2014 as reported by New
- There are currently 148 Active locations that are registered on the state database.
- There were 65,837 total payday loans conducted by 12,129 consumers registered to the state
database for the YTD ending this month. These transactions represent a total YTD advance
amount of $24.3 million and total advance fees of $3.7 million. Additional YTD information
about these loans is as follows:
- Average advance amount of $369.38 and average advance fee of $55.71;
- Minimum advance amount of $9.49 and maximum of $1,947.62;
- Effective average annualized percentage rate (APR) is 307.89% with an average term
of 23.88 days;1
- Average number of loans per consumer YTD is 5.43;
- YTD average time that a consumer is engaged in an individual payday loan is 27.97
- YTD average advance fees paid by a consumer is $302.38;3
- 3,763 payday loans (5.72%) with an advance amount of $100 or less;
- 50,321 payday loans (76.43%) with an advance amount between $100.01 and $500;
- 11,704 payday loans (17.78%) with an advance amount between $500.01 and $1,000;
- 42 payday loans (0.06%) with an advance amount between $1,000.01 and $1,500;
- 7 payday loan (0.01%) with an advance amount of more than $1,500.
- There were 7,627 open payday loans (i.e. outstanding loans) on the database as of this month
end. These loans represent a total outstanding advance amount of approximately $2.8 million
and total outstanding advance fees of approximately $414 thousand as of this month end.
- Approximately $3.3 million in advance fees was collected as of this month end.
- There have been 153 charge-offs / write-offs in 2014 representing a total of $47,972 dollars as
of this month end which was comprised of $41,534 in advance amounts and $6,438 in advance
- A total of 59,537 customers have been registered on the database since the inception of the
program in 2008. Each of these customers would be eligible for a repayment plan pursuant to
New Mexico law.
- 1,247 customers have entered into a payment plan YTD and are subject to the restrictions of
the statutory waiting period.
1) Formula for calculating average APR is (Average Advance Fee / Average Advance Amount) x 365 / Average Term.
Average Term is based on the agreement date and close date for loans closed YTD.
2) YTD average time that a consumer is engaged in an individual payday loan is the overall average of: Total term (in days) for all payday loans conducted by a consumer divided by the total number of loans conducted by that consumer during the
3) Average YTD advance fees calculated as follows: Average Number of loans per YTD customer x Average Advance Fee
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