Pecos at a glance
- Population: roughly 1,380 people; 56th of 105 places in New Mexico (Census Vintage 2023 subcounty estimate).
- 2020 Census base: 1,389 people at the 2020 Census, the baseline for the trend below (US Census Bureau).
- 2020 to 2023 change: a loss of about 0.6% since the 2020 count (US Census Bureau).
- Rank among New Mexico places: 56th of the state's 105 Census places (US Census Bureau).
- Size percentile: about 47% of New Mexico's Census places are smaller (US Census Bureau).
- Coordinates: latitude 35.5757, longitude -105.6784 (US Census Bureau Gazetteer).
- Nearest larger cities: Santa Fe, NM (18 mi); Las Vegas, NM (26 mi); Española, NM (37 mi); Edgewood, NM (43 mi); Moriarty, NM (45 mi); US Census Bureau population estimates.
- Nearest smaller communities: Tijeras, NM (52 mi); Jemez Springs, NM (58 mi); Estancia, NM (60 mi) (Census populations).
What a personal loan costs in Pecos
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.
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 repayment period spreads the cost and increases the interest paid, so compare total cost, not just the monthly figure.
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 Pecos
The table carries the New Mexico rate and licensing rules that apply to consumer loans made in Pecos.
| 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 Pecos
These steps are the ones that most affect the offer you receive in Pecos:
- 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.