mglogo icon

Best Bad-Credit Loan Lenders in New Mexico

You can find the best bad-credit loan in New Mexico based on your needs with the help of MoneyGeek's analysis. We assessed the lenders in the state based on APR ranges, credit score requirements, payback terms, cash disbursement time, loan amounts and more.

Given that Upstart accepts credit scores as low as 300, our analysis determined that it is the top lender for bad-credit loans in New Mexico. Upgrade is the runner-up. It’s important to note that the availability of low-interest loans for consumers with bad credit shouldn't be expected, even though these lenders provide competitive rates.

Best Overall Bad-Credit Loan in New Mexico: Upstart

  • Upstart

    • 3.22% to 35.99%APR Range
    • 300Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Next DayTime to Receive Funds


Runner-Up for Best Bad-Credit Loan in New Mexico: Upgrade

  • Upgrade

    • 5.94% to 35.47%APR Range
    • 560Minimum Credit Score
    • $1,000 to $50,000Loan Amount Range
    • 36 to 60 monthsRepayment Terms
    • Same DayTime to Receive Funds


How to Choose the Best Bad-Credit Loan in New Mexico for You

In New Mexico, personal loan debt is generally $13,879. Review all of your options carefully, taking into account their interest rates, loan amounts, terms of repayment and any other fees before requesting a bad-credit loan in New Mexico.

MoneyGeek recommends following these steps to ensure you find the ideal lender for your needs.


Ask Yourself the Important Questions

It's critical to assess your financial situation and financing needs before looking for loans. It's also crucial to think about how much debt you currently have and whether you have the financial means to take on a new loan.

To choose the ideal bad-credit loan in New Mexico, you must ask yourself these questions:

  • How much money are you in need of?
  • What’s your credit score?
  • Can you afford the payments each month?
  • Do you owe any money right now?
  • Are there other ways you could pay off your debt?

Do Your Research

After you have assessed your needs and the amount of money you will need to fulfill them, you can start looking into lenders who provide loans to applicants with bad credit. Along with learning the lender's interest rates, you should also learn if applicants can obtain a co-signer or verify their rates before applying.

Although MoneyGeek's tools can assist you, we strongly advise conducting your own analysis since our suggestions might not exactly meet your needs. Taking out a personal loan can be a two- to four-year commitment on average, so you want to take the time to thoroughly research your options.


Read the Fine Print

Check the loan agreement and go over the fine print after choosing a lender. This lets you get a sense of the lender's fees and any additional expenses you might incur. While it may seem tedious to go through the fine print, doing so can save you money in the long run by helping you avoid late payment fees or allowing you to take advantage of autopay discounts.



The cost of taking out a loan is high, and you will likely have to pay it back for many years. Take your time to make a well-informed decision. MoneyGeek advises you to hold off on submitting a loan application for a few days after you believe you have identified the ideal lender for your needs. During this time, you might research the lender's track record for customer service or think about alternative financial resources.



After you’ve completed the other steps, you are probably anxious to submit an application for your loan. Your lender will require information about your identity, finances and employment history. Having these on hand before you start your application can streamline the process. Many lenders allow you to submit your application online. If you are working with a lender that allows in-person applications, this could be a better option since you can get any questions you have during the application process answered immediately.

What to Do if You Can’t Get a Bad-Credit Loan in New Mexico

It is not guaranteed that your lender will accept your application even if you match the credit requirements and supply them with enough information. If your application is denied, getting in touch with the lender and inquiring about the reasons for the rejection is the best course of action.

When you reach out to the lender, you might be able to rectify any issues and reapply for a loan once you fix the problem. For example, you can resubmit your application after providing the required documentation to the lender if it rejected your initial application because of incomplete income information. While you could apply with a new lender, it's doubtful that you would be accepted without performing the above-mentioned steps.

We discourage the use of payday loans. While they are simple to get, these loans have outrageously high APRs and brief repayment periods, which can lead to extra debt and further harm to your credit score.

Calculate Your Monthly Payment

Lenders generally require you to pay back your loan in equal monthly payments that include interest. Before you sign up for a loan, you can estimate your monthly payment by using MoneyGeek's personal loan calculator.



+ $114.98


+ $8.33

Origination Fee Percentage


Origination Fee Fixed amount


Total monthly payment


FAQs About Bad-Credit Loans in New Mexico

You must evaluate your financial profile and needs in order to choose the ideal bad-credit loan in New Mexico. The following frequently asked questions were compiled by MoneyGeek to assist you in determining which lender provides loans that might be appropriate for you.


mglogo icon

By comparing over 30 personal loan providers utilizing at least 35 distinct data points in six critical areas, including loan accessibility, affordability, lender transparency, customer service, consumer friendliness and flexibility, we found the best bad-credit loans in the state.

We looked at a number of distinct data elements inside each rating area that we believe are most important when selecting a personal loan provider, including minimum credit scores, APR ranges, application costs, loan amounts available, minimum income requirements and disbursement periods.

MoneyGeek places the interests of customers like you above all else, so we also looked into each lender's business reputation, customer service and any extra features (e.g., automatic payment options, pre-approval and smartphone apps) that can make the entire application process more efficient and easier for you.

The final recommendations made by MoneyGeek are those that are best suited for you. When picking a lender that best matches your needs and circumstances, you can use our loan suggestions and professional advice to help you make wise financial decisions.


The content on this page is accurate as of the posting/last updated date; however, some of the rates mentioned may have changed. We recommend visiting the lender's website for the most up-to-date information available.

Editorial Disclosure: Opinions, reviews, analyses and recommendations are the author’s alone and have not been reviewed, endorsed or approved by any bank, lender or other entity. Learn more about our editorial policies and expert editorial team.