Wagon Mound at a glance
- Population: roughly 265 people; 84th of 105 places in New Mexico (Census Vintage 2023 subcounty estimate).
- 2020 Census base: the 2020 count put the population at 264 (US Census Bureau).
- 2020 to 2023 change: an increase of about 0.4% since the 2020 count (US Census Bureau).
- Rank among New Mexico places: 84th out of 105 Census places (US Census Bureau).
- Size percentile: about 20% of New Mexico's Census places are smaller (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 36.0047, -104.7092.
- Nearest larger cities: Springer, NM (26 mi); Cimarron, NM (37 mi); Las Vegas, NM (40 mi); Angel Fire, NM (40 mi); Eagle Nest, NM (48 mi) (Census populations, approximate straight-line distance).
- Smaller places close by: Roy, NM (29 mi); Maxwell, NM (38 mi); Mosquero, NM (45 mi) (US Census Bureau).
What a personal loan costs in Wagon Mound
Unlike a revolving credit card, a personal loan is closed-end: the balance falls on a fixed schedule and the payment does not change.
Judge an offer by its APR, which blends the interest rate with fees, and use the personal loan calculator to see the total cost.
A lender weighs your credit profile, income and debts when setting the rate, and a longer term lowers the payment at the cost of more interest overall.
Pre-qualification is a good first filter: it shows the rate and amount a lender may offer before you agree to a full application and a hard inquiry.
New Mexico lending rules that apply in Wagon Mound
The sourced rows below are the rules a licensed lender must follow when lending in New Mexico, and therefore in Wagon Mound.
| 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 Wagon Mound
A few practical steps will make the process in Wagon Mound less costly:
- 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.