New Mexico INSTALLMENT LOAN Rates and Terms
IMPORTANT CONSUMER INFORMATION for Installment Loan Customers.
INFORMACIÓN IMPORTANTE PARA EL CONSUMIDOR para
Clientes
de préstamos a plazo.
The loan agreement is governed by the applicable laws of the state of New Mexico.
Maximum Loan Amount
The maximum New Mexico Installment Loan amount at Speedy Cash is $500.00
Loan Terms
Your loan will be due in regularly scheduled installments over a term of at least
120 days up to a maximum of 6 months. For your convenience, bi-weekly, twice
monthly, or monthly installment due dates are determined based on your pay cycle. Finance fees are calculated daily. The sooner you repay your loan, the less you will owe in finance fees. Late or delayed payments will accrue additional finance charges.
Rate and Term Chart
Below is an EXAMPLE loan term with bi-weekly installment payments. APR and Payment Total Amount will vary depending on individual loan length.
EXAMPLE LOAN - Bi-Weekly Payments
Annual Percentage
Rate*
|
Finance Charge
|
Amount Financed
|
Total of payments
|
| The cost of your credit as a yearly rate |
The dollar amount the credit will cost you |
The amount of credit provided to you on your behalf |
The amount you will have paid after you have made all payments as scheduled |
|
398.9118%
|
$409.25
|
$300.00
|
$709.25
|
*ANNUAL PERCENTAGE RATE: The APR is the cost of your loan expressed as a yearly rate. The above APR is based on example loan terms of thirteen installments due over six months.
EXAMPLE BI-WEEKLY PAYMENT SCHEDULE
Example Loan Amount: $300.00 Example Loan Start Date: 1/1/2011
| Number of Payments |
Finance Charge |
Amount Financed |
| 1 |
$54.56 |
1/15/2011 |
| 2 |
$54.56 |
1/29/2011 |
| 3 |
$54.56 |
2/12/2011 |
| 4 |
$54.56 |
2/26/2011 |
| 5 |
$54.56 |
3/12/2011 |
| 6 |
$54.56 |
3/26/2011 |
| 7 |
$54.56 |
4/9/2011 |
| 8 |
$54.56 |
4/23/2011 |
| 9 |
$54.56 |
5/7/2011 |
| 10 |
$54.56 |
5/21/2011 |
| 11 |
$54.56 |
6/4/2011 |
| 12 |
$54.56 |
6/18/2011 |
| 13 |
$54.43 |
7/2/2011 |
Below is an EXAMPLE loan term with monthly installment payments. APR and Payment Total Amount will vary depending on individual loan length.
EXAMPLE LOAN - Monthly Payments
Annual Percentage
Rate* |
Finance Charge |
Amount Financed |
Total of payments |
| The cost of your credit as a yearly rate |
The dollar amount the credit will cost you |
The amount of credit provided to you on your behalf |
The amount you will have paid after you have made all payments as scheduled |
| 395.6134% |
$424.52 |
$300.00 |
$724.52 |
*ANNUAL PERCENTAGE RATE: The APR is the cost of your loan expressed as a yearly rate. The above APR is based on example loan terms of six installments due over six months.
EXAMPLE MONTHLY PAYMENT SCHEDULE
Example Loan Amount: $300.00 Example Loan Start Date: 1/1/2011
| Number of Payments |
Finance Charge |
Amount Financed |
| 1 |
$120.75 |
2/1/2011 |
| 2 |
$120.75 |
3/1/2011 |
| 3 |
$120.75 |
4/1/2011 |
| 4 |
$120.75 |
5/1/2011 |
| 5 |
$120.75 |
6/1/2011 |
| 6 |
$120.75 |
7/1/2011 |