What is the best low-income loan lender in New Mexico?

The best low-income loan lender in New Mexico is Upgrade, with its flexible loan amounts and repayment terms.

Which lender in New Mexico has the lowest interest rates for low-income?

Upstart offers the lowest rates in New Mexico. While this is the lowest starting APR of the lenders we evaluated, borrowers should note that only those with excellent credit scores are likely to receive it.

What kind of debts can I not use my low-income loan for in New Mexico?

Restrictions on fund usage vary by lender. In general, you cannot use your funds for gambling or illegal activities. Your lender may also prohibit borrowers from using the funds for education, business, cryptocurrency and investments.

How much debt can I consolidate in New Mexico?

The loan amount you can obtain for debt consolidation varies by lender. In general, you can consolidate up to $50,000 of debt with a low-income loan in New Mexico.

How long does it take to get a low-income loan in New Mexico?

In terms of fund disbursement, borrowers can expect to receive their funds one to two days after their application is approved.

Can I pay off my loan early in New Mexico?

You repay your loan early, but some lenders charge a fee for prepayment.

Best Low-Income Loans in New Mexico: Top Lenders and Rates for 2023

WHAT WE’RE GEEKING OUT ON

Best Overall Low-Income Loan Lender in New Mexico
Runner-Up for Best Overall Low-Income Loan Lender in New Mexico
Best Low-Income Loan Lender for Bad Credit in New Mexico
Best Low-Income Loan Lender for Good Credit in New Mexico
How to Choose the Right Personal Loan for You
What to Do if You Can’t Get a Low-Income Loan in New Mexico
Calculate Your Monthly Payment
Frequently Asked Questions About Personal Loans in New Mexico

Best Low-Income Loan Lenders in New Mexico

MoneyGeek reviewed over 30 personal loan lenders for more than 35 data points to find the best low-income loan lender in New Mexico. We compared lenders for key data points, like APRs, loan amounts, credit score requirements, application fees and disbursement times.

Based on this review, we found that Upgrade is the best overall low-income loan lender in New Mexico. However, the best lender for you will vary depending on your needs. For example, borrowers with poor credit may get the best loan from Upstart, while those with good credit should consider Prosper for their funding needs.

Best Overall Low-Income 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
MoneyGeek’s recommendation for the best lender for low-income loans in New Mexico is Upgrade, founded in 2016. Its low credit score requirement, flexible repayment terms and variable loan amounts make it the best low-income loan lender in the state.
Those with a credit score of at least 560 can qualify for a loan with Upgrade. The lender’s loan products range in amount from $1,000 to $50,000 and feature repayment terms between 36 and 60 months. In addition to these flexible repayment terms, borrowers can choose their payment due date.
While it may be easy to qualify for an Upgrade loan with a low credit score, those with poor credit should be mindful of paying a high interest rate up to 35.47%. The lender also charges an origination fee of up to 8% of the loan amount. Those looking to cut down on costs may want to look into lenders with no origination fees.
Pros
No prepayment penalties
Borrowers can pick their payment due date
15-day grace period for payments
No application fees
Fast funding

Cons
Origination fee of up to 8%
Late fee of $10
Potentially high APR
APR range: 5.94% to 35.47%
Minimum/maximum loan amount: $1,000 to $50,000
Minimum credit requirements: 560
Repayment terms: 36 to 60 months
Time to receive funds: Same day

Runner-Up for Best Low-Income Loan in New Mexico: LendingClub

LendingClub
- 7.04% to 35.89%APR Range
- 600Minimum Credit Score
- $1,000 to $40,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Next DayTime to Receive Funds
LendingClub, established in 2006, is the second-best low-income loan lender in New Mexico. LendingClub offers loans to borrowers with a minimum credit score of 600. Its loans range from $1,000 to $40,000 and feature repayment terms from 36 to 60 months.
Based on your creditworthiness, the APR for your loan can range from 7.04% to 35.89%. If you don’t have a strong credit profile, you might be able to find lower rates from a different lender.
Borrowers can change their payment deadlines and apply for joint loans. You can permanently change your due date or opt for a one-time change if you’re in a pinch. With a joint loan, you and your co-borrower are equally responsible for paying off the loan.
Pros
Fast funding
No prepayment penalties
Offers joint loans
Borrowers can pick their payment due date

Cons
Origination fees of up to 6%
Potentially high APR
APR range: 7.04% to 35.89%
Minimum/maximum loan amount: $1,000 to $40,000
Minimum credit requirements: 600
Repayment terms: 36 to 60 months
Time to receive funds: Next day

Best Low-Income Loan for Bad Credit 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
Upstart is the best low-income loan lender in New Mexico for borrowers with bad credit. Because the lender evaluates factors like employment history and DTI ratio when assessing your loan eligibility, those with credit scores as low as 300 can still qualify for a loan.
Borrowers in New Mexico can obtain a loan from $1,000 to $50,000. The lender’s minimum loan amount varies by state, so if you live somewhere other than New Mexico, you may be able to borrow less money. The lender’s loan products feature two repayment term options — 36 to 60 months.
Though borrowers with poor credit scores can qualify for an Upstart loan, they may receive a high interest rate up to 35.99%. The lender also charges fees for loan origination and late payments, which will further increase the cost of your loan.
Pros
No prepayment penalties
Fast funding
Low minimum credit score requirement of 300
No minimum educational attainment needed

Cons
Origination fees
Late fees
Potentially high APR
APR range: 3.22% to 35.99%
Minimum/maximum loan amount: $1,000 to $50,000
Minimum credit requirements: 300
Repayment terms: 36 to 60 months
Time to receive funds: Next day

Best Low-Income Loan for Good Credit in New Mexico: Prosper

Prosper
- 7.95% to 35.99%APR Range
- 640Minimum Credit Score
- $2,000 to $40,000Loan Amount Range
- 36 to 60 monthsRepayment Terms
- Same DayTime to Receive Funds
Prosper offers the best low-income loans in New Mexico for borrowers with good credit. Since the company was established in 2005, it has provided over $22 billion in loans to more than a million customers.
The lender’s minimum credit score requirement is 640. If you think your credit profile may not qualify you for a loan, you can apply with a co-borrower to increase your chances of being approved. Borrowers typically receive funding within the same day of their application being approved, making it an ideal option for good credit borrowers who need funds quickly.
Though there are benefits to choosing Prosper for your funding needs, borrowers should be aware of potentially high APRs, late payment fees and origination fees. Those with lower credit scores may receive an interest rate up to 35.99%. Late payment fees and origination fees, between 1% and 5% of the loan amount, can significantly increase the cost of your loan.
Pros
No prepayment penalties
Convenient mobile application
Co-borrowers are allowed
Borrowers can change their payment dates once per year

Cons
Origination fees of up to 5%
Late fees
APR range: 7.95% to 35.99%
Minimum/maximum loan amount: $2,000 to $40,000
Minimum credit requirements: 640
Repayment terms: 36 to 60 months
Time to receive funds: Same day

How to Choose the Best Low-Income Loan in New Mexico for You

In New Mexico, the average personal loan debt is $13,879, and the average interest rate on a personal loan is 9.94%. Depending on your funding needs and financial profile, the amount you borrow and the interest rate you receive will vary. Because a loan is a long-term commitment, it’s important to make sure it’s the best financial decision for you.

Before applying for a low-income loan, consider taking the following steps to make a well-informed decision:

Ask Yourself the Important Questions

To save time and money, ask yourself the following questions before applying for a personal loan:

How much funding do you need? Knowing how much money you need helps narrow down your lender choices, since lenders offer different loan amounts.
What’s your credit score? Your credit score impacts your loan eligibility and the rates available to you. If you aren’t in urgent need of funds, consider improving your credit score first before applying for a loan.
Can you afford the monthly installments? Make timely payments to avoid late fees.
Do you have existing debts? Consider repaying your existing debt before taking out a low-income loan.
Is your debt manageable through other means? Look into alternative funding options that have low or zero interest, like credit cards or borrowing from friends and family.

Do Your Research

To find the best low-income lender in New Mexico, it’s important that you research and compare lenders for their rates, terms, loan amounts, eligibility requirements and more. MoneyGeek’s recommendations are a great place to start, but our suggestions are based on generic borrower profiles rather than your unique situation.

Wait

After researching different lenders, it’s important to wait a day or two before making a final decision. During this time, you can consider alternative funding options or review other lenders. A personal loan is a long-term commitment that takes between two and four years to repay, so it’s important that you’re confident in your choice of lender.

Read the Fine Print

Before submitting an application, thoroughly review the terms of your loan agreement. The fine print may detail fees for late payments, loan origination and prepayment. It’s important to be aware of these upfront so that you budget accordingly, or choose a different lender. If you have any questions about the terms of your loan agreement, you can contact your lender for more information.

Apply

You can start with the application process if you’ve made up your mind. The process varies with every lender so it’s important to know the application process of your lender. You can apply online, over the phone or personally in your lender’s office. Lenders usually ask for your identification, address, employment documents and proof of income. It’s best to gather all relevant documents beforehand.

What to Do if You Can’t Get a Low-Income Loan in New Mexico

Your application for a low-income loan in New Mexico may be denied due to an insufficient credit score, high DTI ratio or incomplete application. If your application is rejected, you should contact the lender to find out why. Sometimes, simply modifying the terms of your loan agreement, like the repayment term or amount, can lead to its approval.

If your application was denied due to a low credit score, we recommend improving your score first before reapplying. Submitting another application before you’ve made changes could simply lower your credit score further, as most lenders complete hard credit checks during the application process.

We strongly advise against taking out payday loans, which feature high interest rates and short repayment terms. Unlike traditional personal loans, your credit score won’t improve if you repay it.

Calculate Your Monthly Payment

Knowing your monthly dues beforehand allows you to effectively plan your budget. MoneyGeek’s personal loan calculator can help you estimate your approximate monthly payment.

Month	Payment	Principal	Interest	Balance

FAQs About Low-Income Loans in New Mexico

MoneyGeek answered frequently asked questions about low-income loans in New Mexico to help you find the best lender for your needs.

Methodology

METHODOLOGY

MoneyGeek reviewed over 30 personal loan lenders for more than 35 key data points across six categories: loan accessibility, affordability, flexibility, consumer friendliness, customer service and lender transparency.

Within each category, we highlighted key data points that have the most impact on a borrower’s choice of lender. These included APRs, loan amounts, minimum credit score requirements, minimum income amounts, application fees and fund disbursement times.

At MoneyGeek, we value you, the consumer, so we also took into account features that improve the overall user experience, like customer service and business ratings, as well as convenience features, like prequalification, payment options and mobile applications.

Our recommendations and tips were made with your best interests in mind. We strive to provide you with the resources, knowledge and tools to make well-informed financial decisions.

sources

LendingClub. "Changing Your Due Date." Accessed October 27, 2022.
LendingClub. "How Do I Apply for a Joint Loan?." Accessed October 27, 2022.
LendingClub. "Personal Loans." Accessed October 27, 2022.
Prosper. "Our Story." Accessed October 28, 2022.
Prosper. "Personal Loans." Accessed October 28, 2022.
Prosper. "Prosper Help - Personal Loan FAQs." Accessed October 28, 2022.
Upgrade. "Are There Any Fees?." Accessed October 27, 2022.
Upgrade. "No Application Fees or Upfront Fees." Accessed October 27, 2022.
Upgrade. "Personal Loans." Accessed October 27, 2022.
Upgrade. "What Are the Benefits of a Personal Loan Through Upgrade?." Accessed October 27, 2022.
Upstart. "Personal Loans." Accessed October 28, 2022.
Upstart. "This Is Upstart." Accessed October 28, 2022.
Upstart. "What Are the Minimum Credit Requirements to Receive a Loan?." Accessed October 28, 2022.

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.