Roy at a glance
- Population: the Census estimates 185 residents, ranking 89th of 105 places in New Mexico (Vintage 2023).
- 2020 Census base: 193 people counted in the 2020 Census (US Census Bureau).
- 2020 to 2023 change: about 4.1% lower than the 2020 Census base (US Census Bureau).
- Rank among New Mexico places: 89th out of 105 Census places (US Census Bureau).
- Size percentile: about 15% of places in New Mexico are smaller (US Census Bureau).
- Coordinates: 35.9451, -104.1963 (US Census Bureau Gazetteer).
- Nearest larger cities (within 120 miles): Wagon Mound, NM (29 mi); Springer, NM (37 mi); Maxwell, NM (45 mi); Cimarron, NM (56 mi); Logan, NM (58 mi) (US Census Bureau populations).
- Smaller places nearby: Mosquero, NM (18 mi); Grenville, NM (55 mi); Des Moines, NM (60 mi), per US Census Bureau estimates.
What a personal loan costs in Roy
Personal loans are installment credit — one lump sum, repaid in equal monthly installments across a fixed term you agree to up front.
The APR is the comparable price of a loan since it folds in fees; model any offer with the personal loan calculator first.
The offer you receive reflects the lender's read of your credit, income and debts, and the term controls the balance between payment size and total interest.
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 Roy
Where a figure is not published by the state, the row points to the source instead of guessing.
| Rule | Detail | Source |
|---|---|---|
| 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 |
| 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 |
How to compare offers in Roy
Before you commit to a personal loan in Roy, work through these steps:
- 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.