Which countries does Comparamigo publish microcredit comparisons for?

We cover seven Latin American jurisdictions: Ecuador, Colombia, Mexico, Brazil, Peru, Argentina, and Chile. Each country has its own page with a table in local currency and the comparable rate required by its regulator (TEA, CET, CAT, TCEA, CFT, or CAE).

What is the difference between the headline rate and TEA or CET?

The advertised rate is usually the nominal interest rate, excluding fees, insurance, and origination charges. TEA, CET, CAT, TCEA, CFT, or CAE — depending on country — include all of those costs and let you compare two offers using a single number.

Does Comparamigo recommend a specific lender?

No. We list the regulated options available in the market and order them by comparable total cost. The choice stays with the user because needs vary: amount, term, credit profile, and tolerance for collection practices.

What happens if the lender does not appear in the regulator’s registry?

If the entity is not on the country’s current registry, do not sign. The transaction falls outside the supervisory framework, and the legal protections of the financial system (right to dispute, late-fee caps, Maximum Conventional Rate where applicable) no longer apply.

How is the comparison data updated?

Country market figures are observed periodically, and the observation date is published on each page. The regulatory data we cite is the most recent publicly available at the time of publication.

Which currency does each comparison use?

Every country uses its local currency: USD (Ecuador), COP (Colombia), MXN (Mexico), BRL (Brazil), PEN (Peru), ARS (Argentina), CLP (Chile). The tables do not convert across currencies because a lender’s offer only applies inside its own jurisdiction.

Can I apply for the microcredit directly through Comparamigo?

Comparamigo redirects to the lender’s site to complete the application — we do not process credit directly. The offer, identity verification, and contract signing are handled by the regulated entity.

Compare microcredit across Latin America — real rate by country

Comparamigo covers seven Latin American countries, and today no lender has microcredit offers loaded on the platform — we would rather say so than show you an empty comparison. What you do find here is the comparable rate each country’s regulator requires — TEA, CET, CAT, TCEA, CFT, or CAE — with its official source, so you can judge any offer made to you elsewhere on real total cost. Use the region selector to reach your market’s page.

Why the headline rate is not the real rate

The gap between the monthly installment you will actually pay and the rate quoted in advertising can exceed 30% on any microcredit product. The cause is the same across all countries: origination fees, mandatory insurance, notary costs, advance-disbursement charges, late-payment interest computed on outstanding principal rather than on the missed installment alone. That is why every financial-system regulator requires lenders to publish a single indicator that captures all of those costs. In Ecuador it is the TEA; in Colombia and Peru the calculation is similar (TEA and TCEA respectively); Mexico calls it CAT; Brazil uses CET; Argentina CFT; Chile CAE. Different acronyms, same purpose: letting the borrower compare two offers using a single number and pick the cheaper one without parsing fine print.

How to verify a lender is regulated

Each of the seven countries we cover publishes a public registry listing the entities currently authorized to lend. For microcredit specifically, the registry shows the segment (cooperative, joint-stock company, fintech, bank) and the date of the most recent supervisory review. If a lender offers you credit and does not appear on the registry of its own country, the contract falls outside the legal protections of the financial system — you lose the right to dispute undisclosed costs, late-payment caps no longer apply, and the Maximum Conventional Rate ceiling becomes irrelevant. Verification takes less than a minute: each supervisory authority publishes an online lookup (direct links sit on each country page in Comparamigo).

When microcredit is the right tool

Microcredit is designed for three situations: working-capital needs of a microbusiness that must pay for inventory before clients pay it; a one-off expense that cannot wait (health, repair, professional certification); and consolidating more expensive debt (a microcredit at 24% replacing a credit card at 95%). It is not designed for recurring spend — paying rent or utilities with a microcredit means the cost of money stacks on top of base spending every month, and over-indebtedness shows up within six months. If the installment exceeds 30% of net monthly income, every regulator we cover advises against signing.

Differences across the seven markets

The jurisdictions we cover share a common framework — banking supervision + financial consumer protection + a mandatory comparable-cost indicator — but they differ on legal limits and customary practice. Mexico and Argentina allow products without prior credit-bureau consultation; Chile and Colombia enforce a Maximum Conventional Rate with statutory ceilings; Brazil mandates a pre-contractual CET disclosure with a digital copy; Peru recognizes municipal savings banks (cajas municipales) as microfinance lenders alongside ordinary banks; Ecuador stratifies cooperatives into five segments by size with differentiated regulation. Comparing across countries is not about picking the cheapest market — cost is anchored to local currency — but about understanding why offers vary so much across borders.

What to ask before signing (any country)

The minimum checklist is identical across all seven markets: the total cost in currency at the end of the term (with every fee included), the installment schedule in printed or digital form, the exact late-payment charge and the day from which it starts accruing, the possibility and cost of early prepayment, and confirmation of whether the credit inquiry is recorded in the bureau even if the offer is declined. If the loan officer refuses to put any of those figures in writing, every regulator on our list treats the practice as misinformation and allows the borrower to file a formal complaint. The official simulation — printed or emailed — is the documentary evidence you will need.

How Comparamigo makes a living

Comparamigo does not charge users for comparing offers. The operation is funded by lender commission when a user accepts an offer — the rate shown in the table is the same rate the lender would quote directly, with no platform markup. This matters for trust on two counts: first, we have no incentive to inflate rates, because doing so would reduce acceptance volume and tail revenue; second, we list competitors that do not pay us commission whenever they are the honest choice for the user’s case (small cooperatives, public banking, state programs). The listing is ordered by comparable total cost, not by platform commission.

Country pages

Country-specific tables and data:

Ecuador — SEPS — Superintendencia de Economía Popular y Solidaria
Colombia — Superintendencia Financiera de Colombia
México — CNBV — Comisión Nacional Bancaria y de Valores
Brasil — BACEN — Banco Central do Brasil
Perú — SBS — Superintendencia de Banca, Seguros y AFP
Argentina — BCRA — Banco Central de la República Argentina
Chile — CMF — Comisión para el Mercado Financiero

How to apply for microcredit step by step

Each country has its own table, but the procedure for comparing is identical across the seven markets. The sequence below fits in a fifteen-minute session.

1. Pick your country in the region selector. Each country has its own page with a table in local currency and the comparable rate required by its regulator.
2. Define the exact amount and the maximum term you can repay without compromising essential expenses (food, housing, transportation, health).
3. Compare at least three regulated offers with the same amount and term. Look at total cost in currency, not just the advertised percentage.
4. Verify the lender appears in the country regulator’s public registry. If it does not, do not sign.
5. Ask for the official simulation in print or digital form before signing. It is the documentary evidence of the disclosed cost.
6. Set up payment reminders. A single missed payment changes your credit history for years.

Frequently asked questions about microcredit in Latin America

Which countries does Comparamigo publish microcredit comparisons for?
We cover seven Latin American jurisdictions: Ecuador, Colombia, Mexico, Brazil, Peru, Argentina, and Chile. Each country has its own page with a table in local currency and the comparable rate required by its regulator (TEA, CET, CAT, TCEA, CFT, or CAE).
What is the difference between the headline rate and TEA or CET?
The advertised rate is usually the nominal interest rate, excluding fees, insurance, and origination charges. TEA, CET, CAT, TCEA, CFT, or CAE — depending on country — include all of those costs and let you compare two offers using a single number.
Does Comparamigo recommend a specific lender?
No. We list the regulated options available in the market and order them by comparable total cost. The choice stays with the user because needs vary: amount, term, credit profile, and tolerance for collection practices.
What happens if the lender does not appear in the regulator’s registry?
If the entity is not on the country’s current registry, do not sign. The transaction falls outside the supervisory framework, and the legal protections of the financial system (right to dispute, late-fee caps, Maximum Conventional Rate where applicable) no longer apply.
Does Comparamigo charge for using the comparison?
No. The platform is free for the user. The operation is funded by lender commission when a user accepts an offer — the rate shown is the same one the lender would quote directly.
How is the comparison data updated?
Country market figures are observed periodically, and the observation date is published on each page. The regulatory data we cite is the most recent publicly available at the time of publication.
Which currency does each comparison use?
Every country uses its local currency: USD (Ecuador), COP (Colombia), MXN (Mexico), BRL (Brazil), PEN (Peru), ARS (Argentina), CLP (Chile). The tables do not convert across currencies because a lender’s offer only applies inside its own jurisdiction.
Can I apply for the microcredit directly through Comparamigo?
Comparamigo redirects to the lender’s site to complete the application — we do not process credit directly. The offer, identity verification, and contract signing are handled by the regulated entity.

Quick glossary

TEA: Tasa Efectiva Anual — annualized total cost; includes interest, fees, and insurance (Ecuador, Colombia, Peru).
CAT: Costo Anual Total — mandatory comparative indicator published by Banxico (Mexico).
CET: Custo Efetivo Total — pre-contractual disclosure required by BACEN (Brazil).
CFT: Costo Financiero Total — comparative indicator published by BCRA (Argentina).
CAE: Carga Anual Equivalente — comparative indicator published by CMF (Chile).