Who we are
Payday 505 is a local leader in affordable, short-term credit solutions. We provide cash solutions to people in the state of New Mexico, and we will soon be expanding into several states throughout the Southwest.
Online loans from Payday 505 are designed to bridge cash gaps between paydays, pay off unexpected bills, and provide just a little extra security. While the reasons you may need the money can be complicated, the process to get the loan is simple: Complete the online loan application, get approval, get your cash. We offer several different ways you can get your cash, including an option for near immediate funding*. Our application only takes 5 minutes to fill out, so if you are in need of some quick cash, apply now!
Our Services:
- PayDay Loans: This is the most common request that we receive. Payday loans are meant to be very short-term, low dollar amount loans that help bridge the gap between paydays. Payday 505 and out top notch staff will be sure to go oner any ok the paperwork with you step by step in order to keep things clear and easy to handle.
- Installment Loans: These loans are generally much higher in dollar amount and have a longer repayment schedule. Generally once the loan is approved and the funds sent to your account, we will automatically debit that account each month until is paid off. We are flexible on repayment periods, so rest assured, we want to see our clients succeed, not get trapped in debt.
- Emergency Loans: These types of loans are investigated on a case by case basis. Please fill out the necessary information in our online application indicating that this is an emergency type loan. A representative will get back to you as soon as they can in order to see how Payday 505 can help. If we are unable to help we have other resources that may benefit you. We can provide all information upon request, we don't want to leave anybody behind!
Our Approval Process:
Payday 505 performs identity and employment verification to determine if we can lend to you. We will not perform a traditional credit report check through the three major reporting agencies, but we may use a separate service called Teletrack designed for payday lenders. Poor standing with teletrack will not automatically disqualify you from borrowing with us. The approval process usually takes 1 or 2 hours during normal business hours. If you are approved, one of our friendly Associates will call you on the contact phone number provided with information on how much we can lend you, the rate for your loan, and the repayment schedule. If you are not approved, we will e-mail you with the reason why. If you want to discuss our decision further you can reply to our e-mail or call us and one of our Financial Managers will go over the decision process and answer any questions you may have.
At Payday 505 we know that money can be a huge stressor.
That's why we will always provide fast and friendly service. We are here to help!
That's why we will always provide fast and friendly service. We are here to help!
*If approved, generally within 2 hours of application submission.