New Mexico Payday Loans

January 1 through December 31, 2014 as reported by New

• There are currently 148 Active locations that are registered on the state database.
• There were 65,837 total payday loans conducted by 12,129 consumers registered to the state
  database for the YTD ending this month. These transactions represent a total YTD advance
  amount of $24.3 million and total advance fees of $3.7 million. Additional YTD information
  about these loans is as follows:
• Average advance amount of $369.38 and average advance fee of $55.71;
• Minimum advance amount of $9.49 and maximum of $1,947.62;
• Effective average annualized percentage rate (APR) is 307.89% with an average term
  of 23.88 days;1
• Average number of loans per consumer YTD is 5.43;
• YTD average time that a consumer is engaged in an individual payday loan is 27.97
  days;2
• YTD average advance fees paid by a consumer is $302.38;3
• 3,763 payday loans (5.72%) with an advance amount of $100 or less;
• 50,321 payday loans (76.43%) with an advance amount between $100.01 and $500;
• 11,704 payday loans (17.78%) with an advance amount between $500.01 and $1,000;
• 42 payday loans (0.06%) with an advance amount between $1,000.01 and $1,500;
• 7 payday loan (0.01%) with an advance amount of more than $1,500.
• There were 7,627 open payday loans (i.e. outstanding loans) on the database as of this month
  end. These loans represent a total outstanding advance amount of approximately $2.8 million
  and total outstanding advance fees of approximately $414 thousand as of this month end.
• Approximately $3.3 million in advance fees was collected as of this month end.
• There have been 153 charge-offs / write-offs in 2014 representing a total of $47,972 dollars as
  of this month end which was comprised of $41,534 in advance amounts and $6,438 in advance
  fees.
• A total of 59,537 customers have been registered on the database since the inception of the
  program in 2008. Each of these customers would be eligible for a repayment plan pursuant to
  New Mexico law.
• 1,247 customers have entered into a payment plan YTD and are subject to the restrictions of
  the statutory waiting period.

1) Formula for calculating average APR is (Average Advance Fee / Average Advance Amount) x 365 / Average Term.
Average Term is based on the agreement date and close date for loans closed YTD.
2) YTD average time that a consumer is engaged in an individual payday loan is the overall average of: Total term (in days) for all payday loans conducted by a consumer divided by the total number of loans conducted by that consumer during the
reporting period.
3) Average YTD advance fees calculated as follows: Average Number of loans per YTD customer x Average Advance Fee

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