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Getting a personal loan in Mexico should be simple. But anyone who has actually tried knows the truth:
every bank advertises “low rates” while burying the real costs in fine print, every fintech app promises instant approval while charging interest rates that would make a credit card blush, and CONDUSEF’s own comparison tools require a finance degree to navigate.
The reality is that the difference between choosing the right lender and the wrong one in Mexico can cost you tens of thousands of pesos — on the exact same loan amount.
A $50,000 MXN personal loan at 22% annual interest costs you $67,400 over three years. That same loan at 45% interest? You are paying back $91,200. That is almost $24,000 pesos thrown away because you picked the wrong institution.
We spent three months analyzing every major personal loan option available in Mexico — from the biggest traditional banks like BBVA, Banorte, and Banamex to the fastest-growing fintechs like Nu, Kueski, and Mercado Crédito.
We compared their actual interest rates, the real CAT (Costo Anual Total), hidden fees, approval requirements, and what real borrowers are saying about their experiences.
Whether you need emergency cash, want to consolidate credit card debt, or are planning a major purchase, this guide breaks down exactly which lender gives you the best deal based on your specific financial situation.
Here is everything we found.
Understanding How Personal Loans Actually Work in Mexico
Before comparing specific lenders, you need to understand the metrics that actually matter — because banks in Mexico are experts at making expensive loans look cheap.
The Three Numbers That Determine Your Real Cost
Interest Rate (Tasa de Interés): This is the annual percentage the lender charges on your borrowed amount. In Mexico, personal loan rates range from as low as 12% to over 400% annually depending on the institution. Traditional banks typically charge between 20% and 50% annual interest. Fintechs range wildly — from competitive rates under 20% for qualified borrowers to predatory rates exceeding 100% for short-term microloans.
CAT (Costo Anual Total): This is the number that actually matters. The CAT includes not just the interest rate but also commissions, insurance fees, account maintenance charges, and every other cost associated with the loan. By law, every lender in Mexico must disclose the CAT. A loan with a 25% interest rate might have a CAT of 38% once you factor in the origination fee, mandatory life insurance, and administrative charges. Always compare CAT to CAT — never interest rate to interest rate.
Total Repayment Amount (Pago Total): This is the final number — how much money actually leaves your pocket over the entire life of the loan. A lower monthly payment spread over a longer term often means you pay significantly more in total. On a $100,000 MXN loan, extending your term from 24 to 48 months can add $30,000 to $50,000 pesos in additional interest charges.
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The Banxico Reference Rate and Why It Matters to You
The Bank of Mexico (Banxico) held its benchmark interest rate at 7.00% in February 2026, pausing after a series of cuts that brought rates down from over 11% in early 2024. This is the lowest reference rate since May 2022.
What this means for borrowers: when the Banxico rate drops, the cost of lending decreases for banks. However, banks in Mexico have historically been slow to pass these savings to consumers. While the reference rate has fallen significantly, many bank personal loan rates have only decreased marginally. This creates an opportunity — lenders competing aggressively for market share are offering better rates right now than they were 18 months ago, but you have to know where to look.
Credit Bureau (Buró de Crédito) — The Gatekeeper
Your Buró de Crédito score is the single biggest factor determining what interest rate you will receive. In Mexico, scores range from 400 to 850. Here is how lenders generally classify borrowers:
- 750-850 (Excellent): Access to the lowest rates from traditional banks. Expect rates between 18-28% annually.
- 700-749 (Good): Approved at most banks with competitive rates between 25-35%.
- 650-699 (Fair): Limited bank options, better rates available through select fintechs. Rates typically 30-45%.
- 550-649 (Low): Traditional banks will likely deny you. Fintech options available at higher rates of 40-80%.
- Below 550 (Poor): Very limited options, mostly short-term fintech loans at rates exceeding 100% annually.
Approximately 54.8% of Mexico’s workforce operates in the informal economy without traditional payroll documentation, which makes traditional bank loans inaccessible regardless of actual income or creditworthiness. This is precisely why the fintech lending sector has exploded in Mexico.
The Big Banks — BBVA, Banorte, Banamex, and Scotiabank
BBVA México — Préstamo Personal Inmediato
The Verdict: Best overall option for existing BBVA customers with good credit.
BBVA is the largest bank in Mexico by total assets and loan volume. Their personal loan product, the Préstamo Personal Inmediato, is available exclusively to existing BBVA customers who receive a pre-approved offer through their mobile app, online banking, or ATM.
Key Numbers:
| Metric | Details |
|---|---|
| Interest Rate | 18% to 50% annual (fixed, depends on credit profile) |
| CAT | 25.4% to 61.8% (without VAT) |
| Loan Amount | $5,000 to $750,000 MXN |
| Term | 6 to 48 months |
| Origination Fee | 0% to 2.5% of loan amount (one-time) |
| Minimum Income | Varies by pre-approval |
| Insurance | Mandatory life insurance included in CAT |
| Early Repayment Penalty | None |
Who Gets the Best Rates: BBVA customers who receive their payroll (nómina) through BBVA get significantly better terms. The bank sees your deposit history, knows your income is stable, and reduces the risk premium accordingly. If you have had a BBVA payroll account for 12+ months with consistent deposits, expect rates on the lower end of the range.
The Catch: You cannot walk into a BBVA branch and apply for a personal loan. The product is invitation-only — BBVA’s algorithm pre-approves you based on your account history, spending patterns, and credit profile. If you do not see a loan offer in your BBVA app, you are not currently eligible.
Real Cost Example: A $50,000 MXN loan at 28% annual interest over 36 months results in monthly payments of approximately $2,038 and a total repayment of $73,368 — meaning you pay $23,368 in interest and fees.
Banorte — Crédito Personal
The Verdict: Most competitive rates for payroll customers, strongest presence in northern Mexico.
Banorte is Mexico’s largest domestically-owned bank and has been aggressively competing for personal loan market share. Their personal loan product offers some of the most competitive rates in the traditional banking sector, particularly for customers with Banorte payroll accounts.
Key Numbers:
| Metric | Details |
|---|---|
| Interest Rate | 16.9% to 42% annual (fixed) |
| CAT | 24.2% to 53.6% (without VAT) |
| Loan Amount | $5,000 to $500,000 MXN |
| Term | 6 to 48 months |
| Origination Fee | 1% to 3% of loan amount |
| Minimum Income | $8,000 MXN monthly |
| Insurance | Life insurance required, included in monthly payment |
| Early Repayment Penalty | None |
Who Gets the Best Rates: Banorte payroll customers with 12+ months of account history and a Buró score above 720. Banorte also occasionally runs promotional rates for new nómina customers, offering the first 6 months at reduced interest.
Advantage Over BBVA: Banorte’s starting rate of 16.9% is lower than BBVA’s floor of 18%, making it the cheapest traditional bank option for top-tier borrowers. They also tend to approve higher loan amounts relative to income for established customers.
Real Cost Example: A $50,000 MXN loan at 24% annual interest over 36 months results in monthly payments of approximately $1,955 and a total repayment of $70,380. That is $3,000 less than the same loan at BBVA’s average rate.
Banamex (Citibanamex) — Crédito Personal
The Verdict: Good for existing customers, but invitation-only and rates are mid-range.
Banamex, Mexico’s second-largest bank, offers personal loans of up to $750,000 MXN. Like BBVA, their personal loan is primarily offered through pre-approval to existing customers.
Key Numbers:
| Metric | Details |
|---|---|
| Interest Rate | 20% to 50% annual (fixed) |
| CAT | 29.1% to 62.5% (without VAT) |
| Loan Amount | $3,000 to $750,000 MXN |
| Term | 6 to 60 months |
| Origination Fee | 0% to 2% |
| Minimum Income | $8,000 MXN monthly |
| Insurance | Life insurance included |
| Early Repayment Penalty | None |
Notable: Banamex occasionally offers promotional rates for Switch account holders. In early 2026, they ran limited-time campaigns with enhanced terms for customers who applied during specific windows. These promotions are worth watching if you have a Banamex account.
The Citigroup Factor: Citigroup announced the sale of its consumer banking operations in Mexico. This transition period has led to somewhat more aggressive lending promotions as Banamex works to retain customers.
Scotiabank México — Crédito Personal
The Verdict: Higher rates than competitors, but easier approval for non-payroll customers.
Key Numbers:
| Metric | Details |
|---|---|
| Interest Rate | 28% to 47% annual (fixed) |
| CAT | 42.1% to 56.8% (without VAT) |
| Loan Amount | $10,000 to $300,000 MXN |
| Term | 12 to 48 months |
| Origination Fee | 2% to 3% |
| Minimum Income | $10,000 MXN monthly |
| Early Repayment Penalty | None |
When Scotiabank Makes Sense: Their approval process is slightly less restrictive than BBVA or Banorte for customers who do not have payroll accounts with the bank. If you have been denied elsewhere but have decent credit, Scotiabank may approve you — though at a premium rate.
The Fintech Challengers — Nu, Mercado Crédito, and Kubo Financiero
The fintech revolution in Mexico has fundamentally changed the personal loan landscape. These digital lenders often offer faster approval, less paperwork, and in some cases, significantly better rates than traditional banks — especially for borrowers in the 650-750 credit score range who get mediocre offers from banks.
Nu México (Nubank) — Préstamo Personal
The Verdict: Best fintech option for borrowers with good credit seeking bank-competitive rates with zero fees.
Nu entered Mexico in 2020 and has rapidly grown to become one of the most popular digital banking platforms in the country. Their personal loan product stands out for its complete transparency — no origination fee, no hidden charges, and no mandatory insurance.
Key Numbers:
| Metric | Details |
|---|---|
| Interest Rate | 15.6% to 69.9% annual (fixed) |
| CAT | 19.8% to 88.2% (without VAT) |
| Loan Amount | $1,000 to $300,000 MXN |
| Term | 3 to 36 months |
| Origination Fee | 0% (zero) |
| Insurance | Optional, not required |
| Minimum Income | No formal requirement |
| Early Repayment Penalty | None |
| Approval Time | Minutes (in-app) |
Why Nu Is Disrupting the Market: Nu’s lowest rate of 15.6% beats every traditional bank in Mexico. Combined with zero origination fees and no mandatory insurance, the effective cost for qualified borrowers is substantially lower than any bank alternative. The catch is that only borrowers with excellent credit profiles receive rates near the floor.
The Algorithm Advantage: Nu uses alternative data beyond traditional Buró scores. Your spending patterns within the Nu app, payment history on your Nu credit card, and overall financial behavior all factor into your rate. Customers who have used their Nu credit card responsibly for 6+ months typically receive better loan offers.
Real Cost Example: A $50,000 MXN loan at Nu’s best rate of 15.6% over 36 months: monthly payment of approximately $1,743, total repayment of $62,748. That is $10,600 less than BBVA’s average rate and $7,600 less than Banorte’s average — a massive difference on the same loan amount.
Mercado Crédito (Mercado Libre / Mercado Pago)
The Verdict: Convenient for Mercado Pago users, but rates can be extremely high for average borrowers.
Mercado Crédito leverages the massive Mercado Libre and Mercado Pago ecosystem to offer personal loans to its users. The platform uses your transaction history within the ecosystem to determine eligibility and rates.
Key Numbers:
| Metric | Details |
|---|---|
| Interest Rate | 30% to 127% annual (varies dramatically) |
| CAT | 42% to 234% (without VAT) |
| Loan Amount | $600 to $300,000 MXN |
| Term | 1 to 18 months |
| Origination Fee | 0% |
| Insurance | Not required |
| Approval Time | Instant (in-app) |
The Wide Rate Spread: Mercado Crédito’s rates vary enormously based on your Mercado Pago activity. Active sellers and frequent buyers with good payment history can access rates around 30-45%. Casual users or those with limited history may see rates exceeding 100% annually.
When It Makes Sense: If you are already deeply embedded in the Mercado Libre ecosystem — selling products, receiving payments through Mercado Pago, maintaining a positive balance — the convenience and speed of Mercado Crédito can be worthwhile at the lower end of their rate spectrum. At the higher end, you should explore other options first.
Kubo Financiero — Préstamo Personal P2P
The Verdict: Best option for borrowers seeking moderate rates without traditional bank requirements.
Kubo Financiero operates on a peer-to-peer lending model, connecting borrowers directly with individual and institutional investors. This model often results in more competitive rates than traditional institutions because the overhead is lower.
Key Numbers:
| Metric | Details |
|---|---|
| Interest Rate | 12% to 35% annual (fixed) |
| CAT | 18.5% to 44.2% (without VAT) |
| Loan Amount | $10,000 to $200,000 MXN |
| Term | 6 to 36 months |
| Minimum Income | $6,000 MXN monthly |
| Origination Fee | 3% to 6% (one-time) |
| Insurance | Not required |
| Approval Time | 24-72 hours |
The P2P Advantage: Kubo’s starting rate of 12% annual is the lowest in this entire comparison. The peer-to-peer model means individual investors compete to fund your loan, which drives rates down. Borrowers with good credit profiles (Buró 700+) and stable documented income consistently receive rates between 12-20%.
The Trade-Off: The origination fee (3-6%) is higher than most competitors. On a $100,000 MXN loan, you might pay $3,000 to $6,000 upfront. You need to calculate whether the lower interest rate over the loan term outweighs this initial cost. For loans over 18 months, it almost always does.
The Quick-Approval Fintechs — Kueski, Moneyman, and Yotepresto
These platforms prioritize speed and accessibility over the lowest rates. They serve borrowers who need money quickly, have limited credit history, or have been rejected by banks and larger fintechs.
Kueski — Préstamo Personal
The Verdict: Fast and accessible, but expensive. Best used for genuine short-term emergencies only.
Kueski has issued over 35 million loans since its founding in 2012, making it one of Mexico’s most active lending platforms. They specialize in short-term, small-amount loans with minimal requirements.
Key Numbers:
| Metric | Details |
|---|---|
| Interest Rate | Up to 486% annual (varies by payment schedule) |
| CAT | Up to 4,175% (CONDUSEF reported) |
| Loan Amount | $200 to $25,500 MXN |
| Term | 99 to 180 days |
| First Loan Maximum | $2,000 MXN |
| Requirements | INE, Mexican nationality, bank account |
| Credit Check | Buró not required |
| Approval Time | Minutes |
| Origination Fee | None |
The Cost Reality: Kueski’s rates are among the highest in the regulated market. A $1,000 MXN loan repaid in 30 days at the maximum rate costs approximately $1,400 — that is $400 in interest on a one-month loan. Annualized, this rate is extreme. However, Kueski competes on accessibility, not price.
When Kueski Makes Sense: Only in genuine emergencies when you need a small amount (under $5,000 MXN) for a very short period and you have no other options. If you can qualify for any of the options listed above, those will save you significant money.
The Responsible Use Framework: Kueski rewards good payment behavior. First-time borrowers start at a maximum of $2,000 MXN. Pay on time, and your limit increases progressively up to $25,500. The interest rate can also decrease for returning borrowers with perfect payment history. If you must use Kueski, always pay on or before the due date to build toward better terms.
Yotepresto — P2P Personal Loans
The Verdict: Excellent rates for qualified borrowers, slower approval than fintechs.
Key Numbers:
| Metric | Details |
|---|---|
| Interest Rate | 8.9% to 28.9% annual |
| CAT | 14.2% to 38.6% (without VAT) |
| Loan Amount | $10,000 to $300,000 MXN |
| Term | 6 to 36 months |
| Minimum Income | Documentation required |
| Origination Fee | 3% to 7% |
| Approval Time | 3-7 business days |
The Standout: Yotepresto’s floor rate of 8.9% is the absolute lowest in this entire comparison — lower than any bank, any fintech, any institution in Mexico. For borrowers with excellent credit who can wait a few days for approval, Yotepresto offers potentially unbeatable terms.
Head-to-Head Comparison — The Complete Picture
Real Cost Comparison: $50,000 MXN Loan Over 24 Months
| Lender | Rate Used | Monthly Payment | Total Repaid | Total Interest Paid |
|---|---|---|---|---|
| Yotepresto | 12% | $2,354 | $56,496 | $6,496 |
| Kubo Financiero | 16% | $2,447 | $58,728 | $8,728 (+origination) |
| Nu México | 18% | $2,494 | $59,856 | $9,856 |
| Banorte | 22% | $2,588 | $62,112 | $12,112 |
| BBVA | 28% | $2,729 | $65,496 | $15,496 |
| Banamex | 30% | $2,776 | $66,624 | $16,624 |
| Scotiabank | 35% | $2,895 | $69,480 | $19,480 |
The difference between the cheapest and most expensive option on a standard $50,000 loan is nearly $13,000 pesos. On a $100,000 loan, that gap doubles to $26,000. On a $200,000 loan, you are looking at over $50,000 pesos in unnecessary interest by choosing the wrong lender.
How to Choose the Right Loan for Your Situation
Scenario 1: You Have a Bank Payroll Account and Good Credit (Buró 720+)
Best Option: Start with your own bank. If you bank with Banorte, check for pre-approved offers — their 16.9% floor rate with payroll is the best traditional bank deal. BBVA customers should check their app for pre-approved offers. Then compare against Nu México, which might beat your bank offer with zero fees.
Action Plan: Check your bank app for pre-approved offers. Apply through Nu if you have 6+ months of Nu credit card history. Compare the CAT (not just the interest rate) of both offers. Choose the lower CAT.
Scenario 2: You Have Good Credit but No Bank Payroll
Best Option: Yotepresto or Kubo Financiero. Without a payroll relationship, traditional banks give you mediocre rates. P2P lenders evaluate your overall credit profile and can offer rates between 8.9% and 20% for strong borrowers — significantly better than what a bank would offer a non-payroll customer.
Action Plan: Apply to both Yotepresto and Kubo simultaneously. Compare the total cost including origination fees. Factor in the approval time — if you need money within 48 hours, Kubo is faster.
Scenario 3: You Work in the Informal Economy
Best Option: Nu México or Mercado Crédito if you have transaction history with either platform. Both use alternative data beyond traditional payroll documentation. Building a 6-month track record of responsible card use with Nu can unlock personal loan offers even without formal employment documentation.
Long-Term Strategy: Open a Nu account, get their credit card, use it responsibly for 6 months, pay in full every month. This builds a digital financial profile that unlocks loan offers without traditional payroll requirements.
Scenario 4: Emergency — You Need Money Today
Best Option: If you have a BBVA account with pre-approval, their Préstamo Personal Inmediato deposits same-day. Nu also approves and deposits within hours. Kueski approves in minutes but at much higher rates. Use Kueski only for very small, very short-term amounts when no other option is available.
Critical Rule: Never borrow more than you can repay within the original term when using high-interest platforms. Late payments on Kueski or similar services trigger additional fees that compound rapidly.
Scenario 5: Debt Consolidation — You Owe on Multiple Credit Cards
Best Option: A personal loan to consolidate credit card debt only makes financial sense if the loan rate is lower than your average credit card rate. Most Mexican credit cards charge between 30-60% annual interest. A personal loan from Banorte at 22% or Nu at 18% to pay off cards charging 45% saves you significant money and simplifies your payments into one monthly installment.
The Math: If you owe $80,000 across three credit cards averaging 42% interest, you are paying approximately $33,600 per year in interest. A consolidation loan at 22% reduces that to approximately $17,600 — saving $16,000 per year. Over two years, that is $32,000 pesos saved.
Protecting Yourself — Red Flags, Scams, and CONDUSEF Resources
The Warning Signs of Illegal Lenders
Mexico has a serious problem with unregistered and illegal lending operations, particularly through mobile apps. CONDUSEF has flagged hundreds of fraudulent apps that engage in abusive practices. Here is how to identify them:
Immediate Red Flags:
The app requests access to your phone contacts, photo gallery, or installed apps. Legitimate lenders never need this information. Illegal lenders use it to harass your contacts if you miss a payment.
The lender asks for an upfront payment before disbursing the loan. No legitimate institution charges fees before lending you money.
There is no CONDUSEF registration number (SIPRES). Every legal lender in Mexico must be registered. You can verify any company at the CONDUSEF SIPRES portal.
The terms change after you sign. Legitimate contracts have fixed terms that cannot be modified unilaterally.
How to Verify Any Lender
Step 1: Visit the CONDUSEF website and access the SIPRES registry. Search for the company name. If it does not appear, do not borrow from them.
Step 2: Check the company’s legal classification. Banks are supervised by CNBV. SOFOMEs (Sociedades Financieras de Objeto Múltiple) are regulated but supervision levels vary. Fintechs operating under the Fintech Law have additional transparency requirements.
Step 3: Read the contract entirely before signing. Pay attention to: the annual interest rate, the CAT, any commissions or fees, the insurance requirements, and the total amount you will repay.
Using CONDUSEF’s Free Comparison Tools
CONDUSEF offers a free online loan simulator (Simulador de Crédito Personal y de Nómina) that compares over 40 loan products from 32 financial institutions. You input the amount you want to borrow, the desired term, and your income level — and it ranks every available product by total cost.
This tool uses real, verified data reported by the financial institutions themselves. It is the single most reliable way to compare personal loans in Mexico and it is completely free.
Your Rights as a Borrower in Mexico
You have the right to pay off your loan early without penalty at any regulated institution. You have the right to receive a complete breakdown of all costs before signing any contract. You have the right to file a complaint with CONDUSEF if a lender engages in abusive practices. You have the right to a 10-business-day cooling-off period to cancel certain financial products after signing.
Final Recommendations
The Mexican personal lending market in 2026 is more competitive than it has ever been. The Banxico rate cuts of 2024-2025 have created favorable borrowing conditions, and the competition between traditional banks and fintechs is driving rates down for qualified borrowers.
The key takeaways from our analysis: P2P platforms like Yotepresto and Kubo Financiero offer the absolute lowest rates for borrowers with strong credit profiles. Nu México provides the best combination of low rates, zero fees, and fast digital approval. Traditional banks remain the best option for payroll customers with long account histories. High-interest short-term lenders like Kueski should be reserved for genuine emergencies only.
Whatever your situation, always compare at least three options using the CAT as your primary comparison metric, verify the lender’s registration with CONDUSEF, and never borrow more than you can comfortably repay within the agreed term.
Your financial health depends on making informed decisions — and now you have the information to make them.