About the Installment Loan
This MoneyKey Installment Loan is a simple interest loan product repayable in substantially equal installments spread out over a period greater than or equal to ten (10) months. For customers who receive their income on a bi-weekly, semi-monthly and weekly basis, the loan is repayable in twenty (20) installments. For customers who receive their income on a monthly basis, the loan is repayable in ten (10) installments.
How much can I borrow in New Mexico?
New Mexico Installment Loan amounts range between $200 and $1,000. Whether an individual will be approved, and the amount they will be approved for, is dependent on certain qualification criteria.
How much will my Installment loan cost?
Your installment loan is a simple interest loan with a maximum simple interest rate of 499%. The corresponding annual percentage rate (APR) is dependent on your exact payment schedule; see the below examples for common MoneyKey loans and their corresponding APRs.
Bi-Weekly Example: In this example, the APR is 497.599% for a loan of $550 with an effective date of 11/08/2016. This is based on a loan term of 20 installments paid over 10 months. This is only an example; the APR, repayment amount and payment schedule will vary depending on the individual loan term.
|ANNUAL PERCENTAGE RATE||FINANCE CHARGE||AMOUNT FINANCED||TOTAL OF PAYMENTS||TOTAL NUMBER OF PAYMENTS|
|The cost of your credit as 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||The number of individual payments you will have made until your loan is repaid in full|
*Annual Percentage Rate (APR) is the interest charge of your loan expressed as a yearly rate.
|PAYMENT NUMBER||PRINCIPAL AMOUNT||INTEREST AMOUNT||TOTAL PAYMENT AMOUNT||PAYMENT DATE|
When do I pay the Installment Loan back?
The Installment Loan term is spread out over a period greater than or equal to ten (10) months. For customers who receive their income on a weekly, bi-weekly, and semi-monthly basis, the loan repayment schedule consists of twenty (20) substantially equal scheduled installments. For customers who receive their income on a monthly basis, the loan repayment schedule consists of ten (10) substantially equal scheduled installments.
Early Repayment Notice: There is no penalty to pay off your Installment Loan earlier than scheduled.
If you want to make an early payment, or pay an additional amount over and above your scheduled installment to reduce the total amount owed, you may do so at any time by contacting MoneyKey by phone at 1-866-255-1668 or via email at email@example.com.
MoneyKey encourages you to pay your loan off as quickly as possible to reduce the amount of interest you will pay on your loan.
Are there additional charges?
No. There are no additional charges beyond what has been disclosed here.
Can I cancel my Installment loan?
You can rescind your loan at no cost within three (3) business days of the effective date of your agreement by phone at 1-866-255-1668 or via email at firstname.lastname@example.org.
If you do rescind your loan, you will be responsible for returning the entire amount back to us. If you do not return the entire amount back to us, your loan will remain outstanding and you will be responsible for paying the amount disclosed in your payment schedule in your loan agreement.
Who funds the Installment Loans?
All loans are funded by MoneyKey – NM, Inc. The loan agreement will be governed by applicable laws of the State of New Mexico.
New Mexico Pamphlets
I have a few more questions
For additional questions, or if you would like to learn more about Installment Loans in New Mexico, please call our Customer Care team at 1-866-255-1668, or check out the frequently asked questions (FAQs) for this product.