Texico at a glance
- Population: 922, the 66th-largest community in New Mexico out of 105 (US Census Bureau, Vintage 2023).
- 2020 Census base: 945 residents in the 2020 Census, per the US Census Bureau.
- 2020 to 2023 change: down roughly 2.4% across the 2020-to-2023 comparison (US Census Bureau).
- Rank among New Mexico places: 66th in population of 105 places (US Census Bureau).
- Size percentile: it exceeds roughly 37% of New Mexico's Census places by population (US Census Bureau).
- Coordinates: the Census Gazetteer places it at 34.3892, -103.0507.
- Nearest larger cities within 120 miles: Farwell, TX (1 mi); Clovis, NM (9 mi); Bovina, TX (13 mi); Muleshoe, TX (21 mi); Portales, NM (23 mi) (US Census Bureau).
- Nearest smaller communities: Floyd, NM (32 mi); Melrose, NM (33 mi); Grady, NM (33 mi) (Census populations).
What a personal loan costs in Texico
A personal loan gives you the full amount at once and spreads repayment over a set number of months at a fixed payment.
Compare every quote on APR because it includes the fees the interest rate hides, and check the payment with our personal loan calculator.
The term is the lever: extend it and the payment falls while total interest climbs; shorten it and the reverse happens.
Most lenders offer pre-qualification with a soft credit pull, so you can see an estimated rate and amount without affecting your credit score.
New Mexico lending rules that apply in Texico
Read the table as the compliance picture for a lender serving Texico: label, sourced figure, publisher and date.
| 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 Texico
Before you commit to a personal loan in Texico, 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.