Data as of November 9, 2026. No fast loan in pesos may charge more than the maximum conventional interest rate the CMF sets each month: since October 15, 2026 it is 47.73% a year for loans under 90 days and 41.02% for loans of 90 days or more up to UF 50, according to the CMF, Certificate No. 10/2026 on current and maximum conventional interest. With those caps, a CLP 500,000 loan over 30 days cannot charge more than CLP 19,888 in interest. On October 9, the CMF filed a complaint with prosecutors against two lending apps for extortion and possible usury.
View the data as a table
| Under 90 days (up to UF 5,000) | 47.73% |
| 90 days or more, up to UF 50 | 41.02% |
| 90 days or more, UF 50 to 200 | 34.02% |
| Maximum interest on CLP 500,000 over 30 days | $19,888 |
Fast loans: the maximum rate lenders can charge
Law 18,010 establishes that no money loan may carry interest above the maximum conventional rate, which for loans above UF 200 and loans under 90 days equals the current interest rate (the average banks charge) plus 50%; for loans of 90 days or more up to UF 200 a special formula keeps it closer to the current rate. The CMF calculates it monthly from the previous month's loans and publishes it in the Official Gazette; each certificate applies from publication until the day before the next one. The cap depends on the term (under or over 90 days), the amount in UF and whether the loan is in pesos, inflation-indexed or in foreign currency. The rule applies to all lenders: banks, retailers, finance companies or apps.
| Unindexed peso loan | Approx. amount in CLP | Current interest | Maximum conventional interest |
|---|---|---|---|
| Under 90 days, up to UF 5,000 | Up to CLP 206,450,750 | 31.82% | 47.73% |
| 90 days or more, up to UF 50 | Up to CLP 2,064,508 | 32.82% | 41.02% |
| 90 days or more, UF 50 to 200 | CLP 2,064,508 – CLP 8,258,030 | 29.56% | 34.02% |
| 90 days or more, UF 200 to 5,000 | CLP 8,258,030 – CLP 206,450,750 | 20.02% | 30.03% |
| 90 days or more, over UF 5,000 | Over CLP 206,450,750 | 6.70% | 10.05% |
Source: CMF, Certificate No. 10/2026 on current and maximum conventional interest. Simple annual rates on a 360-day basis. Peso amounts calculated with the UF of November 8, 2026 (CLP 41,290). Most fast loans are small, so they fall in the highest brackets: up to UF 50, about CLP 2,064,508.
The most a fast loan of CLP 500,000, 1 million or 3 million can cost
To turn the caps into pesos, we calculated three cases at the current maximum conventional rate with equal installments. They are Pauta Financiera's own calculations based on CMF rates, not real offers, and they exclude stamp tax and insurance, which add to the cost. If an app charges more than this in interest, it is breaking the law.
| Loan | Bracket | Annual cap | Maximum installment | Maximum total repaid | Maximum interest |
|---|---|---|---|---|---|
| CLP 500,000 over 30 days | Under 90 days | 47.73% | CLP 519,888 | CLP 519,888 | CLP 19,888 |
| CLP 1,000,000 over 12 installments | Up to UF 50 (UF 24.2) | 41.02% | CLP 102,987 | CLP 1,235,844 | CLP 235,844 |
| CLP 3,000,000 over 24 installments | UF 50 to 200 (UF 72.7) | 34.02% | CLP 174,009 | CLP 4,176,216 | CLP 1,176,216 |
Now the contrast with the formal market: for CLP 3,000,000 over 24 installments without insurance, Sernac's comparator shows total costs between CLP 3,509,784 (Bice) and CLP 4,328,678 (Banco de Chile), including fees and taxes. The cheapest lender charges CLP 666,432 less than the legal maximum interest on the same loan. That is why, before accepting a fast loan, it is worth checking whether you qualify for a consumer loan at a bank or cooperative.
| Bice | 146,241 | 1.20% | 15.55% | 3,509,784 |
| Scotiabank | 149,868 | 1.43% | 18.07% | 3,596,832 |
| Banco Internacional | 152,418 | 1.55% | 19.70% | 3,658,014 |
| Capual | 153,855 | 1.73% | 20.76% | 3,692,520 |
| Ahorrocoop | 158,333 | 1.98% | 23.81% | 3,799,992 |
| Santander | 159,643 | 1.94% | 24.68% | 3,831,442 |
| Bci | 160,172 | 1.97% | 25.04% | 3,844,128 |
| Banco Consorcio | 160,441 | 2.00% | 25.22% | 3,850,584 |
| Banco Falabella | 161,021 | 2.06% | 26.24% | 3,864,504 |
| Caja Los Héroes | 171,310 | 2.54% | 32.30% | 4,111,255 |
| Caja 18 de Septiembre | 171,447 | 2.54% | 32.39% | 4,114,728 |
| Caja La Araucana | 172,304 | 2.55% | No data | 4,135,278 |
| BancoEstado | 173,536 | 2.59% | 28.58% | 4,164,851 |
| Banco de Chile | 180,362 | 2.79% | 32.14% | 4,328,678 |
Do you offer regulated, transparent loans? Advertise on Pauta Financiera and reach people looking for a loan with clear information.
See advertising optionsIllegal lending apps: what the CMF reported and how to spot them
On October 9, 2026, the CMF issued an alert and filed a criminal complaint with prosecutors against those behind "APP MICRO CRÉDITO" and "APP TESORO CASH", two apps available on Google Play and on websites that are not regulated by the commission. According to the CMF, they use extortionate collection techniques and show signs of usurious charges (CMF, alert and complaint over two lending apps, October 9, 2026). The CMF recommends checking its Alerta Ciudadana (citizen alert) section to see whether whoever offers a financial product is supervised.
- Oct 9, 2026Alert and complaint over two lending appsAPP Micro Crédito and APP Tesoro Cash: extortion and possible usury.
- Oct 15, 2026Certificate No. 10/2026 in the Official GazetteCap of 41.02% for loans up to UF 50 over 90 days or more.
- Mid-Nov 2026Next CMF certificateIt will set rates using October data; until then No. 10/2026 applies.
- They ask for upfront payments to "release" the loan: a legitimate lender deducts fees from the loan, it does not charge them beforehand.
- They do not disclose the CAE or total cost before signing, which the law requires for consumer loans.
- They demand access to the phone's contacts and photos; that is how extortionate apps apply pressure.
- They charge daily interest that, converted to an annual rate, exceeds the caps in the table.
Agreeing to interest above the maximum conventional rate has consequences: Law 18,010 provides that the excess is void and the interest is reduced to the current rate, and the Penal Code punishes usury. Anyone already trapped in debt can check their actual situation with the free CMF debt report.
How to tell whether a fast loan exceeds the maximum rate
Apps usually show the cost as a daily or monthly percentage, or as a fixed amount to repay. To compare it with the legal cap, convert it to a simple annual rate, which is how the CMF expresses the maximum for peso loans: a monthly rate is multiplied by 12 and a daily rate by 360. If someone lends CLP 500,000 and asks for CLP 600,000 back in 30 days, the interest is 20% in a month, equivalent to 240% a year, five times the 47.73% cap for loans under 90 days.
| What the app shows | Equivalent (simple annual) | Above the 47.73% cap? |
|---|---|---|
| 0.1% a day | 36% | No |
| 0.5% a day | 180% | Yes |
| 1% a day | 360% | Yes |
| 3% a month | 36% | No |
| 5% a month | 60% | Yes |
| Repay CLP 600,000 for CLP 500,000 in 30 days | 240% | Yes |
Pauta Financiera's own calculation using the cap in the CMF, Certificate No. 10/2026 on current and maximum conventional interest for peso loans under 90 days. Fees and insurance are not part of the interest rate, but they are part of the total cost.
View the data as a table
| Legal maximum | |
|---|---|
| 15 days | $509,944 |
| 30 days | $519,888 |
| 45 days | $529,831 |
| 60 days | $539,775 |
| 89 days | $559,000 |
Alternatives to a fast loan by profile
- With a good record: a consumer loan from a bank or cooperative in Sernac's comparator; the total-cost gap between the cheapest and dearest lender for CLP 3,000,000 over 24 installments is CLP 818,894.
- Member of a family allowance fund: the social loan is deducted from payroll and supervised by the Suseso.
- With overdue debts: see who lends and at what rate in our loans with Dicom guide, and consider the Superir's free renegotiation before taking on new debt.
Frequently asked questions about fast loans
What is the maximum conventional rate in November 2026?
Until the CMF publishes November's certificate, No. 10/2026 applies: 47.73% a year for peso loans under 90 days, 41.02% for loans of 90 days or more up to UF 50, 34.02% between UF 50 and 200 and 30.03% between UF 200 and 5,000.
Do lending apps have to respect the maximum rate?
Yes. The maximum conventional rate applies to every money loan, whether granted by a bank, a retailer, a finance company or an app.
How can I tell whether a lending app is supervised?
On the CMF website, the Alerta Ciudadana section lets you check whether a company or person is supervised and see alerts about unregulated entities.
What is the difference between the current and the maximum conventional rate?
The current rate is the average banks charged the previous month for each type of loan; the maximum conventional rate is the legal cap derived from it. For example, for peso loans under 90 days the current rate is 31.82% and the maximum 47.73%.
How often does the maximum conventional rate change?
Every month. The CMF publishes a certificate in the Official Gazette with the previous month's averages, and the new cap applies from publication until the day before the next one. For a loan already signed, the cap in force when it was agreed applies.
What should I do if an app extorts me?
Keep the evidence (messages, payment receipts), report it to prosecutors or the police and inform the CMF. The commission has already filed criminal complaints over such cases.
Does the legal cap include fees and insurance?
The maximum conventional rate caps the interest rate. Fees, taxes and insurance are added separately and appear in the CAE and total cost, which the law requires lenders to disclose before a consumer loan is signed.
This information is journalistic and educational, not financial advice. Check the conditions and the total cost (CAE) with the institution before signing up.
