Family allowance fund loans in Chile 2026: rates, CAE and total cost at Los Andes, La Araucana, Los Héroes and 18 de Septiembre

Data as of November 8, 2026. A CLP 3,000,000 social loan over 36 installments with credit life insurance costs a total of CLP 4,625,208 at Caja Los Andes, the cheapest of the four family allowance funds (cajas de compensación, or CCAF), and CLP 5,007,836 at Caja La Araucana, the most expensive. In the same Sernac comparator, the cheapest bank (Bice) charges CLP 3,853,620 for the same loan. The figures come from the Sernac, Consumer Loan Comparator, data reported by each lender, updated November 8, 2026, and membership from the Suseso: 7,164,464 people belonged to a caja in August 2026.

Chile's family allowance funds (cajas de compensación de asignación familiar, CCAF) are non-profit entities supervised by the Social Security Superintendence (Suseso). They provide social benefits and lend money to their members through the social loan (crédito social). Four operate today: Los Andes, La Araucana, Los Héroes and 18 de Septiembre. The social-loan installment is deducted directly from the member's salary or pension, which lets the funds lend to people who sometimes do not qualify at a bank. The table's example is a CLP 3,000,000 loan (about 72.7 UF) over 36 installments with credit life insurance.

Source: Sernac, Consumer Loan Comparator, data reported by each lender, updated November 8, 2026. *Caja La Araucana's CAE appears in the comparator as 0.36, which is not a valid annual percentage, so we do not compare it; its monthly rate (2.56%) and total cost are comparable. The CAE (annual equivalent cost) adds up the rate, fees and insurance, and is the figure the law requires lenders to disclose so loans can be compared.

The chart's conclusion is clear: for a CLP 3,000,000 loan over 36 installments, Caja Los Andes ranks 12 of 17 lenders and the other three funds rank 14, 15 and 16. Only Banco de Chile reports a higher cost. The gap between the cheapest and the dearest fund is CLP 382,628 over three years. For the full list of banks, see our comparison of consumer loans by bank.

Caja Los Andes is the country's largest fund and the cheapest of the four for every amount and term with insurance shown in the comparator. For CLP 5,000,000 over 48 installments, for example, its total cost is CLP 8,617,728, with a CAE of 28.39%, versus CLP 9,402,528 at Los Héroes and CLP 9,260,016 at 18 de Septiembre. For the loans without insurance shown in the comparator, Los Andes reports no terms. The table lets you search each fund and sort by cost.

The funds' monthly rates range from 2.10% (Los Andes) to 2.56% (La Araucana) on the 36-installment loan. Converted to CAE, Los Héroes and 18 de Septiembre come close to 36% a year, still within the maximum conventional interest of 34.02% a year (simple) for loans of UF 50 to 200, because the CAE includes insurance and fees that are not part of the interest rate (CMF, Certificate No. 10/2026 on current and maximum conventional interest).

According to the Suseso, in August 2026 5,691,843 workers and 1,472,621 retirees were members of a fund, along with 79,617 companies. Los Andes holds 59.3% of members and has by far the most workers. Los Héroes is different: 57.0% of its members are retirees, the highest share in the system. Workers' membership is decided by the employer, while retirees choose their own fund.

Source: Suseso, Family allowance fund (CCAF) membership statistics, data to August 2026. Totals were stable from January to August 2026: total membership went from 7,149,395 in January to 7,164,464 in August.

The comparator shows that, for those who qualify at a bank or a cooperative, a fund's social loan is usually more expensive. But the funds have advantages that do not show in the table: they underwrite with the payroll deduction as collateral, lend to older retirees and do not always require the credit history a bank asks for. The choice depends on the profile:

• Worker with a good credit history: the cheapest banks in the comparator (Bice, Scotiabank) and cooperatives such as Capual charge considerably less; it is worth getting quotes there first. See also the savings and credit cooperatives.
• Retiree: the funds are one of the few options with direct pension deduction; among them, Los Andes reports the lowest cost and Los Héroes has the most retirees.
• People with overdue debts: the social loan does not always require a clean record, but adding a payroll-deducted installment reduces take-home pay; it is worth reviewing renegotiation options first.

If the goal is to sort out several debts, compare the social loan with the alternatives in our debt consolidation guide, which explains loan buyouts and the free renegotiation procedure at the Superir. Either way, credit life insurance makes the loan more expensive and can be bought from another insurer if it meets the required coverage.

• 1. Confirm your fund: workers can check on their payslip which fund their employer belongs to; retirees, on their pension statement.
• 2. Run quotes for the same amount and term at the fund, at least one bank and one cooperative, and ask for the summary sheet with each offer's CAE and total cost.
• 3. Check your take-home pay: the installment is deducted before you receive your salary or pension, so calculate the income left after the deduction.
• 4. Decide on insurance: credit life insurance is usually required, but an equivalent policy from another insurer can be submitted; additional insurance is voluntary.
• 5. Keep the contract and the amortization schedule, which shows how much of each installment goes to interest and to principal, in case you later want to prepay.

For retirees, the most useful comparison is over long terms, because they usually borrow amounts they can repay from a fixed pension. With CLP 3,000,000 over 60 installments, the total cost is CLP 5,747,400 at Los Andes, CLP 6,276,000 at 18 de Septiembre, CLP 6,387,840 at Los Héroes and CLP 6,510,604 at La Araucana: between 1.92 and 2.17 times the amount borrowed. The PGU is part of many members' pensions and should be considered when working out an affordable installment.

Which family allowance fund has the cheapest loan?

In Sernac's comparator as of November 8, 2026, Caja Los Andes reports the lowest total cost of the four funds at every amount and term with insurance, with a CAE of 28.84% for CLP 3,000,000 over 36 installments.

Can I borrow from a fund I am not a member of?

The social loan is for each fund's members, because the installment is deducted from the salary or pension the fund handles. Workers belong to the fund chosen by their employer; retirees can choose.

How many members does Caja Los Andes have?

4,250,323 in August 2026 (3,836,595 workers and 413,728 retirees), according to the Suseso.

Why is La Araucana's CAE missing?

Because the comparator lists it as 0.36, which is not a valid annual percentage. Before signing, ask the fund for the summary sheet with the CAE and total cost.

This information is journalistic and educational, not financial advice. Check the conditions and the total cost (CAE) with the institution before signing up.