Maxwell at a glance
- Population: about 223 residents, ranking 85th of 105 Census places in New Mexico (US Census Bureau, Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 225 (US Census Bureau).
- 2020 to 2023 change: down about 0.9% from the 2020 Census base to the 2023 estimate (US Census Bureau).
- Rank among New Mexico places: 85th largest of 105 (US Census Bureau).
- Size percentile: about 19% of places in New Mexico are smaller (US Census Bureau).
- Coordinates: 36.5411 latitude, -104.5430 longitude (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Springer, NM (13 mi); Cimarron, NM (21 mi); Raton, NM (24 mi); Wagon Mound, NM (38 mi); Eagle Nest, NM (40 mi) (US Census Bureau populations).
- Nearest smaller places: Starkville, CO (40 mi); Folsom, NM (41 mi); Cokedale, CO (42 mi) (US Census Bureau estimates).
What a personal loan costs in Maxwell
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.
Two loans can share an interest rate and still differ in APR once fees are counted, so compare APR; our personal loan calculator shows the difference over the full term.
Lenders weigh your credit history, income and debts when they set the rate, and the term you choose then determines how that rate compounds into total cost.
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 Maxwell
The table lists the New Mexico rules that apply to a loan made in Maxwell, each with the regulator that published it.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Maxwell
These steps are the ones that most affect the offer you receive in Maxwell:
- 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.