Tatum at a glance
- Population: about 681, 73rd by size in New Mexico of 105 places (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 706 (US Census Bureau).
- 2020 to 2023 change: a decline of roughly 3.5% between the 2020 count and the 2023 estimate (US Census Bureau).
- Rank among New Mexico places: 73rd in population of 105 places (US Census Bureau).
- Size percentile: about 30% of places in New Mexico are smaller (US Census Bureau).
- Coordinates: 33.2554 latitude, -103.3108 longitude (US Census Bureau Gazetteer).
- Nearest larger cities: Lovington, NM (22 mi); Plains, TX (29 mi); Denver City, TX (34 mi); Hobbs, NM (37 mi); Morton, TX (45 mi), each a US Census place with its estimated population.
- Nearest smaller communities: Causey, NM (44 mi); Dora, NM (46 mi); Whiteface, TX (47 mi) (Census populations).
What a personal loan costs in Tatum
A personal loan hands you a single sum and a repayment schedule of equal monthly installments over an agreed term.
Because the APR includes origination and finance charges, it is the honest comparison number; the personal loan calculator turns an APR and term into a monthly payment.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
Set the loan amount from the expense itself rather than the maximum you are approved for, and keep the payment within your existing budget.
New Mexico lending rules that apply in Tatum
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 |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Tatum
These steps are the ones that most affect the offer you receive in Tatum:
- 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.