Raton at a glance
- Population: about 5,978, 33rd by size in New Mexico of 105 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 Census recorded 6,046 residents here (US Census Bureau).
- 2020 to 2023 change: roughly 1.1% fewer residents than at the 2020 Census (US Census Bureau).
- Rank among New Mexico places: 33rd out of 105 Census places (US Census Bureau).
- Size percentile: roughly 69% of places in New Mexico rank below it by population (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 36.8850, -104.4396.
- Nearest larger cities: Trinidad, CO (20 mi); Taos, NM (72 mi); Alamosa, CO (89 mi); La Junta, CO (90 mi); Pueblo, CO (96 mi) (Census populations, approximate straight-line distance).
- Smaller places nearby: Starkville, CO (17 mi); Cokedale, CO (21 mi); Maxwell, NM (24 mi), per US Census Bureau estimates.
What a personal loan costs in Raton
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
The number to compare is the APR, not the interest rate, because the APR folds in origination fees and other charges; our personal loan calculator will show what a given amount and term would cost.
A longer term reduces what you owe each month and increases the total interest, which is the trade-off to weigh before choosing one.
If you are consolidating debt, the loan only helps if you stop adding to the balances it clears; otherwise the total debt grows.
New Mexico lending rules that apply in Raton
The table carries the New Mexico rate and licensing rules that apply to consumer loans made in Raton.
| 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 Raton
Run through this list before signing anything in Raton:
- 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.