Data as of November 8, 2026. Debt consolidation rolls several loans and credit cards into a single loan, ideally at a lower rate. It works if the new loan is cheaper than the debts it replaces. According to the Sernac, Consumer Loan Comparator, data reported by each lender, updated November 8, 2026, a CLP 3,000,000 loan over 36 installments costs in total from CLP 3,853,620 (Bice, CAE 17.06%) to CLP 5,127,998 (Banco de Chile). Those who cannot pay have another route: renegotiation before the Insolvency Superintendency, which admitted 3,817 cases in the first half of 2026, 131% more than a year earlier.
View the data as a table
| Lowest total cost (Bice) | $3,853,620 |
| Highest total cost (Banco de Chile) | $5,127,998 |
| Renegotiations admitted | 3,817 |
| Agreements in renegotiation hearings | 97.7% |
Debt consolidation: how it works
There are two common forms. In a loan buyout (compra de cartera), a bank or cooperative grants a consumer loan used to pay off debts at other institutions directly; the customer is left with a single payment. In internal consolidation, the same bank merges the loans and card the customer already holds with it. Since Law 21,236 on financial portability (BCN), institutions must issue a payoff certificate so another lender can pay the debt, making it easier to switch to a cheaper offer.
- It pays off if the new loan's rate is below that of current debts and the term is not stretched so far that total interest rises.
- It does not pay off if the payment only falls because the term is stretched, or if the freed-up card is used again afterwards.
- Add up fees, stamp tax and insurance, which the CAE already includes.
What each bank charges for a consolidation loan
Sernac's comparator shows what each lender reports for the same loan. The table gathers the total cost of CLP 3,000,000 with credit life insurance across the four terms. Bice has the lowest cost in all of them; Banco de Chile and the cajas de compensación, the highest. At 60 installments only 15 lenders quote: Banco Internacional and BancoEstado do not offer that term in the comparator.
| Bice | 3,572,400 | 3,853,620 | 4,155,024 | 4,508,460 |
| Scotiabank | 3,665,112 | 4,018,500 | 4,404,144 | 4,848,840 |
| Banco Internacional | 3,719,410 | 4,089,450 | 4,483,288 | No data |
| Capual | 3,747,864 | 4,147,236 | 4,577,904 | 5,067,360 |
| Oriencoop | 3,809,616 | 4,262,364 | 4,804,608 | 5,328,480 |
| Santander | 3,914,995 | 4,404,057 | 5,163,777 | 5,701,568 |
| Coopeuch | 3,924,048 | 4,411,548 | 4,960,752 | 5,536,980 |
| Banco Falabella | 3,931,368 | 4,425,696 | 4,957,440 | 5,521,380 |
| Banco Consorcio | 3,945,912 | 4,454,208 | 5,004,960 | 5,598,720 |
| Ahorrocoop | 3,957,408 | 4,504,824 | 5,081,952 | 5,706,480 |
| Bci | 3,968,188 | 4,249,103 | 4,701,005 | 5,186,811 |
| Caja Los Andes | 4,110,120 | 4,625,208 | 5,171,376 | 5,747,400 |
| BancoEstado | 4,225,601 | 4,865,714 | 5,452,343 | No data |
| Caja Los Héroes | 4,247,401 | 4,937,184 | 5,642,352 | 6,387,840 |
| Caja 18 de Septiembre | 4,260,528 | 4,935,456 | 5,556,528 | 6,276,000 |
| Caja La Araucana | 4,316,838 | 5,007,836 | 5,738,564 | 6,510,604 |
| Banco de Chile | 4,402,116 | 5,127,998 | 5,920,547 | 6,777,759 |
| Lender | Payment (36) | CAE (36) | Total cost (36) | Total cost (60) |
|---|---|---|---|---|
| Bice | CLP 107,045 | 17.06% | CLP 3,853,620 | CLP 4,508,460 |
| Scotiabank | CLP 111,625 | 20.09% | CLP 4,018,500 | CLP 4,848,840 |
| Banco Internacional | CLP 113,597 | 21.28% | CLP 4,089,450 | — |
| Capual | CLP 115,201 | 20.76% | CLP 4,147,236 | CLP 5,067,360 |
| Bci | CLP 118,030 | 24.21% | CLP 4,249,103 | CLP 5,186,811 |
| Oriencoop | CLP 118,399 | 24.44% | CLP 4,262,364 | CLP 5,328,480 |
| Santander | CLP 122,335 | 26.91% | CLP 4,404,057 | CLP 5,701,568 |
| Coopeuch | CLP 122,543 | 27.02% | CLP 4,411,548 | CLP 5,536,980 |
| Banco Falabella | CLP 122,936 | 28.16% | CLP 4,425,696 | CLP 5,521,380 |
| Banco Consorcio | CLP 123,728 | 27.78% | CLP 4,454,208 | CLP 5,598,720 |
| Ahorrocoop | CLP 125,134 | 28.64% | CLP 4,504,824 | CLP 5,706,480 |
| Caja Los Andes | CLP 128,478 | 28.84% | CLP 4,625,208 | CLP 5,747,400 |
| BancoEstado | CLP 135,158 | 30.69% | CLP 4,865,714 | — |
| Caja 18 de Septiembre | CLP 137,096 | 35.82% | CLP 4,935,456 | CLP 6,276,000 |
| Caja Los Héroes | CLP 137,144 | 35.84% | CLP 4,937,184 | CLP 6,387,840 |
| Caja La Araucana | CLP 139,107 | Invalid* | CLP 5,007,836 | CLP 6,510,604 |
| Banco de Chile | CLP 142,444 | 34.36% | CLP 5,127,998 | CLP 6,777,759 |
Source: Sernac, Consumer Loan Comparator, data reported by each lender, updated November 8, 2026. A CLP 3,000,000 loan with credit life insurance. *Caja La Araucana reports its CAE as "0.36", a figure that is not an annual percentage. Simulations are indicative and the final offer depends on each lender's assessment.
Does your institution offer loan buyouts or consolidation loans? Advertise on Pauta Financiera and reach people looking to sort out their debts.
See advertising optionsRefinancing over a longer term: lower payment, higher cost
The most common mistake when refinancing debt is looking only at the payment. At Bice, CLP 3,000,000 over 24 installments means paying CLP 148,850 a month and CLP 3,572,400 in total; over 60, the payment drops to CLP 75,141, but the total rises to CLP 4,508,460. At Banco de Chile, the total cost over 60 installments reaches CLP 6,777,759, more than twice the amount. A lower payment helps if the problem is monthly cash flow, but it costs more interest.
View the data as a table
| Bice | Scotiabank | Santander | Coopeuch | BancoEstado | Banco de Chile | |
|---|---|---|---|---|---|---|
| 24 inst. | $3,572,400 | $3,665,112 | $3,914,995 | $3,924,048 | $4,225,601 | $4,402,116 |
| 36 inst. | $3,853,620 | $4,018,500 | $4,404,057 | $4,411,548 | $4,865,714 | $5,127,998 |
| 48 inst. | $4,155,024 | $4,404,144 | $5,163,777 | $4,960,752 | $5,452,343 | $5,920,547 |
| 60 inst. | $4,508,460 | $4,848,840 | $5,701,568 | $5,536,980 | No data | $6,777,759 |
An example to measure the savings: if the debts being consolidated charged the legal maximum for the UF 50–200 bracket, 34.02% a year according to the CMF, Certificate No. 10/2026 on current and maximum conventional interest, CLP 3,000,000 over 36 installments would carry a payment of about CLP 134,049 in principal and interest alone. With the comparator's cheapest loan, the payment with insurance is CLP 107,045. The difference, CLP 27,004 a month, is the benefit of consolidating. If current debts charge less, the saving shrinks or disappears. To check how much you owe and to whom, the first step is the CMF debt report.
Step by step to consolidate debt
- 1. Make a full list: balance, payment and rate of each debt; the CMF debt report shows bank debts.
- 2. Request the payoff certificate for each debt, which states how much is needed to repay it today.
- 3. Get quotes from at least three lenders for the consolidation loan and compare total cost, not the payment; the figures here are a starting point, as is our consumer loan guide.
- 4. Make sure the bank pays the debts directly (loan buyout) and ask for proof of each payment.
- 5. Do not use again the cards and credit lines that were freed up, or close them.
Debt renegotiation at the Superir: the option when you cannot pay
Anyone with more than one debt overdue by more than 90 days who cannot get a new loan can request the individual debtor renegotiation, a free procedure before the Insolvency and Re-entrepreneurship Superintendency (Superir) created by Law 20,720. According to the Superir, Semiannual Statistical Report to June 2026, 3,817 renegotiations were admitted between January and June 2026, 131% more than a year earlier, and 97.7% of hearings ended in agreement. The average debt of those who reached agreement was CLP 44.6 million, and 57% was consumer credit. How many Chileans are in arrears, and how much they owe, is covered in delinquent debtors 2026.
| Option | For whom | Cost | Effect |
|---|---|---|---|
| Loan buyout | Those up to date who can access a cheaper loan | New loan's CAE | A single payment, ideally at a lower rate |
| Rescheduling with the same lender | Those behind on a single debt | Interest on the new term | Sorts out one debt, not all |
| Superir renegotiation | Two or more debts overdue by 90+ days | Free | Payment agreement with all creditors |
| Asset liquidation | Those unable to pay over any term | Loss of seizable assets | Extinguishes unpaid balances |
Sources: Superir, Semiannual Statistical Report to June 2026; Law 20,720. Anyone already listed in delinquency registries can review the options in our guide how to get out of Dicom.
Frequently asked questions about debt consolidation
Which bank has the best loan buyout?
In Sernac's comparator as of November 8, 2026, Bice reports the lowest total cost for CLP 3,000,000 at every term, followed by Scotiabank. Approval and the final rate depend on each customer's assessment.
Does consolidating debt improve a Dicom score?
Paying overdue debts with the new loan means those defaults no longer appear as unpaid, but the new loan is recorded and must be kept current.
Does the Superir renegotiation cost anything?
No. The individual debtor renegotiation procedure is free and handled by the Superir.
What is the maximum rate on a consumer loan?
Since October 15, 2026, 41.02% a year up to UF 50, 34.02% between UF 50 and 200 and 30.03% between UF 200 and 5,000, according to the CMF. It changes monthly.
This information is journalistic and educational, not financial advice. Check the conditions and the total cost (CAE) with the institution before signing up.
