RegAlertChile: lending & credit regulation
Partially regulatedChile: Lending unregulated; CMF targets illegal apps; Central Bank governs credit bureaus
- Lead regulator
- Central Bank of Chile (Banco Central de Chile)
- Also involved
- CMF (securities/consumer protection) · SERNAC (consumer rights) · Police (criminal usury)
- Core law
- Law 18.045 (Capital Markets) · Law 19.640 (Credit Bureaus)
- Entry capital
- —
- Approval timeline
- —
- Customer assets
- No specific custodial regime for non-bank lenders
- Data protection
- Law 19.628 · Subsecretaría de Telecomunicaciones
- Sandbox
- —
Chile does not have a specific licensing regime for non-bank lending or P2P platforms. Traditional banks are regulated by the Central Bank under Law 18.045. The CMF actively prosecutes unregulated 'loan apps' for usury and extortion, creating a de facto prohibition on unlicensed digital lending operations that mimic banking activities. Credit bureaus are strictly regulated by the Central Bank.
Which licence do you need?
| Your activity | Requirement | Capital | Timeline | Authority |
|---|---|---|---|---|
| Consumer lending | Uncertain[1] No specific license; CMF targets illegal apps for usury | — | — | — |
| SME / commercial lending | Uncertainverify with regulator No specific license; treated as general commercial activity | — | — | — |
| Microfinance | Uncertainverify with regulator No specific license; often overlaps with consumer lending | — | — | — |
| Buy-now-pay-later | Uncertainverify with regulator No specific license; may trigger consumer credit rules | — | — | — |
| P2P lending platform | Uncertainverify with regulator No specific license; high risk of being deemed illegal banking | — | — | — |
| Credit bureau / scoring | LicenceCredit Bureau Registration Strict registration required under Law 19.640 | — | — | Central Bank of Chile |
| Debt collection | Uncertain[1] CMF prosecutes extortionate practices by unregulated apps | — | — | — |
New — what changed recently
- 2026-06-12CMF Criminal Complaint against 13 Loan Apps — CMF filed criminal complaints against 13 unregulated apps for usury and extortionate collection practices.[1]
Market-entry checklist
- 1Verify banking license statusEnsure you are not engaging in illegal banking activities under Law 18.045.
- 2Register as credit bureau if applicableIf handling credit data, register with the Central Bank under Law 19.640.
- 3Comply with consumer protection lawsAdhere to Law 19.496 and SERNAC guidelines for fair lending practices.
- 4Avoid usurious interest ratesEnsure interest rates do not exceed legal limits to avoid criminal prosecution.
- 5Consult legal counsel for digital lendingSeek advice on the regulatory gray area of unregulated digital lending platforms.