Logan at a glance
- Population: 959 (US Census Bureau, Vintage 2023 subcounty estimate), the 63rd-largest of 105 places in New Mexico.
- 2020 Census base: the 2020 Census recorded 971 residents here (US Census Bureau).
- 2020 to 2023 change: roughly 1.2% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among New Mexico places: 63rd by size among 105 communities (US Census Bureau).
- Size percentile: it is larger than about 40% of the places in New Mexico (US Census Bureau).
- Coordinates: it sits at 35.3555, -103.4530 in the US Census Bureau Gazetteer.
- Nearest larger cities (within 120 miles): Tucumcari, NM (19 mi); Friona, TX (64 mi); Clovis, NM (65 mi); Bovina, TX (66 mi); Hereford, TX (70 mi) (US Census Bureau populations).
- Nearest smaller towns: San Jon, NM (18 mi); Grady, NM (38 mi); Mosquero, NM (40 mi) — US Census Bureau populations.
What a personal loan costs in Logan
Most personal loans are unsecured, meaning no collateral is pledged, and they are repaid in equal installments over a fixed term.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
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.
A useful rule is to keep the new payment inside the room your budget already has, so the loan eases pressure instead of adding to it.
New Mexico lending rules that apply in Logan
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 |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Logan
Before you commit to a personal loan in Logan, work through these steps:
- 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.