Farmington at a glance
- Population: 46,237 — 6th in New Mexico, which has 105 Census places (US Census Bureau, Vintage 2023).
- 2020 Census base: 46,613 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: a loss of about 0.8% since the 2020 count (US Census Bureau).
- Rank among New Mexico places: 6th in population of 105 places (US Census Bureau).
- Size percentile: roughly 94% of New Mexico's places have fewer residents (US Census Bureau).
- Coordinates: it sits at 36.7538, -108.1805 in the US Census Bureau Gazetteer.
- Nearest larger cities: there is no larger Census place within 120 miles.
- Smaller towns nearby: Kirtland, NM (10 mi); Bloomfield, NM (11 mi); Aztec, NM (12 mi) (US Census Bureau).
What a personal loan costs in Farmington
A personal loan is an installment loan: you receive a lump sum and repay it in fixed monthly payments over a set term, usually two to seven years.
APR, not the simple interest rate, reflects what the loan actually costs once fees are included; the personal loan calculator puts a figure on it.
A longer repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
A payment that strains the budget is a warning sign; a smaller loan or a little more saving time is the safer route.
New Mexico lending rules that apply in Farmington
The table carries the New Mexico rate and licensing rules that apply to consumer loans made in Farmington.
| Rule | Detail | Source |
|---|---|---|
| Small-loan / installment lender licensing | Lenders making Bank Installment Loan Act loans (other than federally insured depositories) must be licensed under the Small Loan Act (2022 requirement) Source says: "a new requirement for lenders making loans under the BILA (other than a federally insured depository institution) to be licensed under the SLA" | New Mexico Legislature (Legislative Finance Committee fiscal impact report) as of 2026-09-16 |
| State lending regulator | New Mexico Financial Institutions Division (FID), Regulation and Licensing Department Source says: "We regulate a variety of financial institutions operating in New Mexico including:" | New Mexico Regulation and Licensing Department, Financial Institutions Division as of 2026-09-16 |
| Small loan company licensing/regulation | Small loan companies are a regulated institution category of the Financial Institutions Division Source says: "Small Loan Companies" | New Mexico Regulation and Licensing Department, Financial Institutions Division as of 2026-09-16 |
| Maximum legal interest rate (usury cap) | 15% annually absent a written contract fixing a different rate (NMSA 1978, 56-8-3) Source says: "The rate of interest, in the absence of a written contract fixing a different rate, shall be not more than fifteen percent annually" | New Mexico Compilation Commission (NMOneSource, official NMSA) as of 2026-09-16 |
| Payday lending status | Payday-style small loans capped at 36% APR (HB 132 of 2022; effective January 1, 2023; cap rises only if prime rate exceeds 10% for three consecutive months) Source says: "a permitted annual percentage rate greater than thirty-six percent, calculated pursuant to 12 CFR Part 1026" | New Mexico Legislature as of 2026-09-16 |
How to compare offers in Farmington
Run through this list before signing anything in Farmington:
- Pull your free credit reports and dispute any error — it is the cheapest way to improve the rate you are offered.
- Run your figures through the personal loan calculator on this site so you know the payment before a lender quotes one.
- Pre-qualify with at least three lenders and compare the APR, not the interest rate.
- Check that the lender is licensed in New Mexico using the regulator named above.
- Read the disclosure for origination fees and any prepayment penalty before you sign.