Albuquerque Payday Loans
An OppLoans Guide to Getting The Help (and The Loan) You Need

There is so much to love about living in Albuquerque: a dry and temperate climate, natural beauty, history and a unique culture. From Rio Rancho to Corrales to Belen, the Land of Enchantment, it truly is.

But as stunning as this growing city is, not everyone gets to enjoy it to the fullest. Many in the larger Albuquerque area are unemployed, underemployed or otherwise struggling. So, while Albuquerque is one of Forbes’ Magazines “Best Places to Live”(1), it’s also home to a nearly 14% level of poverty(2). If you’re facing financial hardship in Albuquerque, consider all the resources that this fine city has to offer you. There are safety nets, charity organizations, social programs and more that can help you and your loved ones in your time of need.

Borrowing Money in Albuquerque

Many problems can be solved with social services, charities or government programs. But many cannot. Often, all we really need is just a check to make ends meet for a short amount of time. In predicaments like these, many people turn to bank loans or credit cards to keep floating. But if you have a bad (or no) credit history, then you might find yourself turned away at your bank or your credit cards not sufficient to address your needs at the moment.

In these situations, a storefront or online lender may seem like a reasonable choice. Do your research and be certain that you’ve found the financial solution that is right for you. Otherwise, you may find yourself in even worse situation than when you started.

Take a look at the OppLoans guide below to understand the options available to you in Albuquerque.

Payday Loans in Albuquerque
A bad practice, a worse product, a terrible outcome.

Just drive up and down San Mateo Drive and you’ll see the payday storefronts. Usually, they’re tucked into strip malls and advertised with bright green or yellow signs that seem to scream “Fast cash now!’ or “Get Money Today!” Money today sounds great, but at what cost?

A payday loan is an agreement between a borrower and a lender. The borrower takes out a loan based not on their credit but on the amount of their paycheck. The loans are typically for small amounts and for short terms (one to two weeks, or thirty one days). Sounds pretty standard, right? Well, what’s not standard is the annual percentage rate of 400% (or more!). Because New Mexico has some the weakest laws regulating the payday industry, payday lenders are able to charge exorbitant rates for their loans which make them exceedingly difficult to pay back.

So what’s to be done if you can’t repay the loan with your next paycheck? The lender will “helpfully” offer you a loan “rollover” which means extending the life of the loan another pay period — at the cost of more interest. According to the Pew Charitable Trust, with just a few rollovers, people can end up losing more than 40% of their paychecks to padyday lenders.(4)

Payday loans are a great deal for the lenders, but the borrowers are getting scammed.


  1. “Best Places to Live”. US News and World Report. Accessed March 8, 2016.
  2. “Albuquerque Poverty Rate”. City-Data.Gov. Accessed March 8, 2016.
  3. “Hunger Statistics New Mexico.” Accessed March 8, 2016.
  4. “New Mexico Urged to Lower Payday Loan Rates.” March 8, 2016.
  5. “State Regulation Interest Rates Comparison.” Accessed March 8, 2016.

*OppLoans is not affiliated with any of the programs, services or organizations referenced on this page.