Best Personal Loans in New Mexico for 2024

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Updated: July 10, 2024

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When rating personal loan lenders in New Mexico, MoneyGeek focused on lender reputation, transparency and interest rates. First Tech came out on top of our analysis, scoring 98 out of 100. A competitive annual percentage rate (APR) range and reputable customer service make this lender stand out. Following close behind is PenFed, with a MoneyGeek score of 96. It is known for consumer education and overall lender reputation.

If you are a New Mexico borrower with a credit score near 702, you'll likely have more favorable loan rate and term options. When applying for a personal loan, lenders also consider your income history and debt-to-income ratio.

MoneyGeek Logo IconBest PersonalLoan LendersNew Mexico

Best Personal Loan Lenders in New Mexico

MoneyGeek scores personal loan lenders with a point-based system designed to give a comprehensive overview of each lender’s performance in critical areas that matter to borrowers.

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We completed our analysis of banks and lenders licensed to do business in New Mexico as of April 2024. We also considered financial companies that partner with federally insured institutions to offer competitive rates.

34Lenders Analyzed

    Overall Best Personal Loan Lender in New Mexico

  • First Tech

    • 98MoneyGeek Score
    • 8.94% to 18.00%APR Range
    • UndisclosedMinimum Credit Score
    • $500 to $50,000Loan Amount Range
    • 6 to 84 monthsRepayment Terms

    First Tech is MoneyGeek's best choice for personal loans in New Mexico, with a 98 out of 100 score. With APRs ranging from 8.94% to 18.00%, First Tech's rates are competitive; for example, the average rate is significantly lower than PenFed's top-end APR of 17.99%. MoneyGeek's analysis highlights First Tech's top marks for fees and rates, signaling great value and praise for its customer service and educational resources — indicating a commitment to client support. Flexible repayment terms from six to 84 months offer additional borrower convenience.


    • Insured by the National Credit Union Administration (NCUA)
    • No early repayment penalty
    • Provides granular APR data for a variety of loan terms


    • Need to be a member to apply
    • Could provide more detail on the loan application process
    • Little published information about credit score requirements
    First Tech

    Runner-Up for Best Personal Loan Lender in New Mexico

  • PenFed

    • 96MoneyGeek Score
    • 7.99% to 17.99%APR Range
    • UndisclosedMinimum Credit Score
    • Up to $50,000Loan Amount Range
    • Up to 60 monthsRepayment Terms

    PenFed is MoneyGeek's runner-up for best lender for personal loans in New Mexico, scoring 96 out of 100. Its APR range from 7.99% to 17.99% is competitive, as its lower limit falls below the average rate range MoneyGeek reviewed. Notably, this financial institution stands out for its loan term flexibility — allowing borrowers up to 60 months to repay — and its reputation and transparency, which are evident in the thorough information provided to consumers.


    • Offers some of the lowest APRs available
    • No early repayment penalty
    • Insured by the National Credit Union Administration (NCUA)


    • No information provided about credit score requirements
    • $50 minimum monthly loan payment
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Your monthly debt payments relative to your monthly gross income are called your debt-to-income ratio or DTI.

Most lenders prefer a debt-to-income ratio of 35% to 40% or below for secured loans and 40% to 45% or below for unsecured personal loans. A debt-to-income ratio above 50% is considered high, so approval may be more difficult, or your loan may have higher interest rates.

Alvin Yam, CFP®

Calculate Your Monthly Loan Payment

Explore your loan options with our personal loan calculator. This simple tool calculates monthly payments and total loan costs based on amount, interest rate and term length, helping you make informed decisions before committing.

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Updated: Jul 22, 2024

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    Best Personal Loan Lender in New Mexico for Bad Credit

  • Happy Money

    • 94MoneyGeek Score
    • 11.72% to 17.99%APR Range
    • 640Minimum Credit Score
    • No DataLoan Amount Range
    • 24 to 60 monthsRepayment Terms

    Happy Money is MoneyGeek's choice for the best personal loan provider in New Mexico for borrowers with low credit, boasting a MoneyGeek score of 94 out of 100. This company partners with various federally insured financial institutions to offer installment loans, ensuring borrowers can access competitive rates. The APR range is from 11.72% to 17.99%, which stands out compared to available averages, with a minimum credit score requirement of 640. Happy Money excels in its upfront disclosure, customer information and application process, making it easier for customers to understand terms and obtain funds swiftly.


    • Works with 10 federally insured lenders to originate all loans
    • Transparent eligibility requirements, including credit score minimum
    • No application fee


    • The lenders they work with charge an origination fee
    • Longer time to wait for loan approval compared to other lenders analyzed
    Happy Money

How Does MoneyGeek Score Lenders for Bad Credit Loans?

    Best Personal Loan Lender in New Mexico for Debt Consolidation

  • Alliant Credit Union

    • 96MoneyGeek Score
    • 10.99% to 13.99%APR Range
    • UndisclosedMinimum Credit Score
    • $1,000 to $100,000Loan Amount Range
    • 12 to 60 monthsRepayment Terms

    Alliant Credit Union is MoneyGeek's pick for the best personal loan provider for debt consolidation in New Mexico. Alliant is an online-only bank requiring membership for 90 days before eligibility for a personal loan. With a MoneyGeek score of 96 out of 100, Alliant stands out for its competitive APR range of 10.99% to 13.99%, which is notably attractive against other rates reviewed. This provider excels in providing clear information regarding its products and upfront costs alongside highly competitive interest rates.


    • Among the highest loan limits available in our analysis
    • Insured by the National Credit Union Administration (NCUA)
    • No prepayment penalties


    • An online-only credit union, no physical branches
    • Must become a member and wait 90 days before applying
    Alliant Credit Union

How does MoneyGeek score lenders for debt consolidation?

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Interest on personal loans is generally not tax deductible, as personal loans are considered consumer debt. But there are some exceptions where the interest may qualify:

  • When consolidating high-interest qualifying debts like credit cards or student loans, if used to pay off those debts.
  • If used for home improvements that increase the home's value.
  • If the loan proceeds can be demonstrated as used exclusively for business expenses or starting a business.
  • In some cases, if the loan is used for investment purposes related to income-generating assets.

Alvin Yam, CFP®

Impact of Credit Score on Loan Repayment in New Mexico

When considering a personal loan in New Mexico, you should review your credit report, income and debt-to-income ratio — key factors that lenders evaluate to determine your creditworthiness. If you are a New Mexican seeking a personal loan, improving your credit score before a loan application could help you secure more favorable loan terms.

Refer to the accompanying table to see how different credit scores can affect your monthly loan payments.

Data filtered by:Results filtered by:
Credit Band:
Credit Band:690 to 719
Loan Amount:
Loan Amount:$2,000
$348Term Length (Months)6
$180Term Length (Months)12
$97Term Length (Months)24
$69Term Length (Months)36
$55Term Length (Months)48
$47Term Length (Months)60
$42Term Length (Months)72
$38Term Length (Months)84

This table approximates monthly payments, calculated using median personal loan interest rates typical for various credit score ranges. Please remember that these numbers are median estimates provided for general guidance. They should not be taken as precise rates for everyone in each credit score category. Actual interest rates differ due to lender-specific policies, prevailing market conditions and unique borrower profiles.

Pros and Cons of Personal Loans in New Mexico

Personal loans in New Mexico offer advantages like lower interest rates, the flexibility to consolidate various debts into one manageable payment, and the versatility of a solution for numerous financial scenarios. Despite these merits, there are potential downsides, such as origination fees and the risk of collateral loss in a secured personal loan.

For a comprehensive understanding, you should review the pros and cons of personal loans.


  • Interest rates on personal loans are often more favorable than those on credit cards for individuals with good credit
  • Enables consolidation of multiple high-interest debts into a single, more manageable monthly payment
  • Often features swift approval and disbursement, providing quick access to funds for emergencies
  • Allows for the inclusion of a co-signer, which can lead to better loan terms through improved creditworthiness
  • Additional costs due to origination fees
  • Prepayment penalties for settling the loan early
  • Risk of asset loss with secured personal loans
  • Encouragement of excessive debt through easy approval

FAQ About Personal Loans in New Mexico

If you have questions about personal loans, MoneyGeek has answers to help you make an informed decision before applying.

Who is the best lender in New Mexico for personal loans?
Where is the best place to get a personal loan in New Mexico?
Who has the best personal loan interest rates in New Mexico?
What can I use a personal loan for in New Mexico?
What are some personal loan red flags to look out for?
Do lenders consider income level when applying for a personal loan?
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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.