​This guide is designed to point people to resources and information that will help meet basic needs and reduce unnecessary debt. An additional resource is available with information about  low-cost, affordable loans. As of January 1, 2023, small-dollar loans made in New Mexico are limited to 36% annual interest rate (APR) with a small fee for loans of $500 or less allowed in addition to the interest charged.

We know that New Mexicans experience unexpected financial expenses. There are many different ways to address these expenses. This page provides strategies to pay for these expenses.  

• One strategy is to use financial assistance available to help pay for these expenses. For example, there are resources available for help filing taxes, cash assistance, food, healthcare, unemployment, housing, rental, utilities, phone/internet, childcare, and funerals. We also have information for families with immigrants.  
• Another strategy is to renegotiate with the company that you need to pay when your payment is due or how much you pay. This section reviews some of the ways to address repayment options.  
• Finally, you could apply for a short term loan. This section covers safe loan options.  

This guide was prepared by the New Mexico Center on Law and Poverty in collaboration with other members of the New Mexicans for Fair Lending Coalition. This information is provided as a public service. It is accurate as of April 2023. Laws, regulations and financial assistance programs change frequently. We cannot guarantee or promise that this information is always up-to-date and correct. This information is not legal advice and is not intended to be advertising or solicitation.


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In 2022, the New Mexicans for Fair Lending Coalition was successful in passing a 36% interest rate cap on small dollar loans in New Mexico. This lowered the interest rate from 175% starting on January 1, 2023. This work took over 15 years of advocacy to accomplish from many partners.  The Coalition is very grateful to all the people who came together to pass the interest rate cap!

If you have tried all other options listed in the financial resource guide above and still need financial help, you could consider a low-cost, short-term loan. A low-cost, short-term loan may be obtained in addition to other financial resources or may be a stand-alone option. Sometimes, a new small-dollar loan is obtained to consolidate several loans that you already have. Whatever approach you choose, the key to obtaining credit is to ensure you understand your rights and options, and are obtaining a fair loan.