Lake Arthur at a glance
- Population: 374 residents, the 80th-largest of 105 places in New Mexico (US Census Bureau, Vintage 2023).
- 2020 Census base: 380 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: about 1.6% below the 2020 Census base (US Census Bureau).
- Rank among New Mexico places: the 80th-largest of 105 (US Census Bureau, 2023 estimate).
- Size percentile: ahead of around 24% of New Mexico places in population terms (US Census Bureau).
- Coordinates: latitude 32.9994, longitude -104.3637 (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Hagerman, NM (8 mi); Artesia, NM (11 mi); Dexter, NM (14 mi); Roswell, NM (28 mi); Carlsbad, NM (42 mi) (US Census Bureau populations).
- Nearest smaller towns: Hope, NM (25 mi); Elida, NM (77 mi); Dora, NM (87 mi) — US Census Bureau populations.
What a personal loan costs in Lake Arthur
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
APR is the figure that lets you compare like with like, since it wraps fees into the rate; run your own numbers with the personal loan calculator.
Choosing a longer term eases the monthly budget but adds interest over the life of the loan; a shorter term costs more per month and less overall.
Shop with more than one lender and treat pre-qualification as an estimate, since the final terms follow a full application.
New Mexico lending rules that apply in Lake Arthur
Every figure in the table below is sourced to a publisher with a date; where a state does not publish a number, we say so rather than estimate.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Lake Arthur
Run through this list before signing anything in Lake Arthur:
- 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.