In Mexico, a peer-to-peer loan is legal and is formalised through a mutuo contract or a pagaré; the borrower reports to the SAT any loans above 600,000 pesos, and only CNBV-authorised platforms may broker loans online.
The mutuo contract in the Federal Civil Code
The Federal Civil Code defines the mutuo as the contract by which the lender transfers ownership of a sum of money that the borrower undertakes to return. Each of the thirty-two states also has its own civil code, following the same logic with some nuances.
The pagaré, a ubiquitous credit instrument
Between Mexican individuals, a debt is often embodied in a pagaré, a promissory note governed by the law on credit instruments. Once signed by the borrower, it gives the creditor access to the juicio ejecutivo mercantil, a fast recovery procedure, for three years.
Statutory interest and no numerical usury cap
Mexican law sets no national numerical ceiling on interest. Without a written clause, the Federal Civil Code applies statutory interest of 9% a year and the Commercial Code 6%. The parties choose their rate freely, subject to review by a judge.
The Supreme Court and usurious interest
Since 2014, the Suprema Corte de Justicia de la Nación has let judges cut a usurious rate on their own initiative, citing article 21.3 of the American Convention on Human Rights. In 2024, its First Chamber extended this to interest already paid.
Reporting loans above 600,000 pesos to the SAT
Article 90 of the income tax law requires residents to list in their annual return any loans, gifts and prizes that together exceed 600,000 pesos. These sums are not taxable, but leaving them out exposes the taxpayer to a discrepancia fiscal.
Interest collected by the lender
A lender who receives interest must treat it as taxable income with the SAT. The exact treatment depends on their tax regime, which a contador público can confirm. Our page on taxation of interest on a private loan sets out the general reflexes.
The 2018 Ley Fintech and crowdfunding institutions
Published in March 2018, the law regulating financial technology institutions requires peer-to-peer lending platforms to obtain CNBV authorisation as a crowdfunding institution. Doopla and Prestadero are among those that obtained it; always check their current status before investing or borrowing.
CONDUSEF, the users' point of contact
The Comisión Nacional para la Protección y Defensa de los Usuarios de Servicios Financieros receives complaints against financial entities, keeps the SIPRES register of providers and publishes alerts about impersonation. It does not decide a purely private dispute between two individuals.
Montadeudas loan apps
Express loan apps, nicknamed montadeudas, pay out small sums, then inflate the debt and harass the borrower by contacting relatives or circulating doctored photos. In October 2025, the capital's Policía Cibernética once again warned the public about this phenomenon.
Tandas, cajas populares and gota a gota loans
Before seeking an unknown lender, many Mexicans turn to the tanda, rotating savings among relatives, or to a caja de ahorro registered as a SOCAP. By contrast, the gota a gota loan, repaid daily at extreme rates, often comes with intimidation.
Remedies for victims of a fake Mexican lender
The victim files a denuncia with the Ministerio Público of their state's fiscalía, contacts the local cyber police and reports the impersonated entity to CONDUSEF. Our guide on how to report a private loan scam lists the evidence worth keeping.
Five cities, five local settings
The local pages cover the specifics: the capital's montadeudas in Mexico City, Guadalajara's tech ecosystem, Monterrey's industry, the car sector in Puebla and Tijuana's border with California, where pesos and dollars circulate side by side.
Formalising a private loan in Mexico step by step
- Check the other party's identity with their INE credential and CURP, then search their name alongside the words fraude or montadeudas.
- Draft a mutuo contract stating the amount in pesos, the rate, the term, the schedule and late penalties, signed by both parties.
- Have a pagaré for the same amount signed and fully completed, bearing in mind that a judge can reduce a usurious rate.
- For a large sum, have the signatures ratified before a notario público or a corredor público, according to the state fee schedule.
- Pay the funds by SPEI transfer from a bank account, with a reference mentioning the loan, rather than in cash.
- Report the loan received to the SAT if it exceeds 600,000 pesos with gifts and prizes, and declare the interest earned on the lender side.
Indicative costs of a private loan in Mexico
| Item | Indicative amount (MXN) | Note |
|---|---|---|
| Statutory interest without a written clause | 9% a year (civil), 6% (commercial) | Agreed rate is free, reducible if usurious |
| Authorised crowdfunding platform | Fee varies by platform | Check the published schedule; indicative |
| Ratification or notarial deed | Each state's own fee schedule | Ask for a written quote |
| Interest received by the lender | Subject to ISR income tax | Rate depends on the lender's total income |
| Fees demanded before payout | Any sum requested upfront | Scam signal: pay nothing |
File to assemble before a loan in Mexico
- Credencial para votar (INE) or valid passport
- CURP and RFC of both parties
- Recent comprobante de domicilio: CFE, water or phone bill
- Signed mutuo contract and matching pagaré
- Dated repayment schedule
- SPEI transfer comprobantes and bank statements
- Copy of the annual SAT return if the threshold is exceeded
Mistakes and red flags in Mexico
- Paying opening, insurance or « liberación » fees before receiving the money: a legitimate lender never demands them upfront.
- Installing a loan app that asks for access to your contacts and photo gallery, the typical modus operandi of montadeudas.
- Trusting a lender met on Facebook, WhatsApp or TikTok who claims to be authorised but appears in neither the CNBV nor the CONDUSEF registers.
- Handing over cash with no receipt or written contract, which makes proving the loan almost impossible before a civil judge.
- Sending a down payment in cryptocurrency or via an OXXO convenience store deposit to a stranger promising « sin buró » credit.
Your questions on private loans in Mexico
Do you need a notary for a peer-to-peer loan in Mexico?
No, a written contract and a pagaré are in principle enough between individuals. Having signatures ratified before a notario público does strengthen the evidence, and the notary becomes essential if the loan is secured by a mortgage on real estate.
Does the borrower pay tax on money received as a loan?
Borrowed capital is not taxable income. However, if it exceeds 600,000 pesos, alone or combined with gifts and prizes, it must appear in the annual SAT return. The interest paid remains taxable in the lender's hands.
How can you tell whether an online lending platform is authorised?
Consult the CNBV padrón of supervised entities and the CONDUSEF SIPRES register. A crowdfunding institution must appear there under its exact corporate name. Beware of look-alike names and websites copying the logo of a well-known entity.
What should I do if a montadeudas app is harassing me?
Keep screenshots, numbers and messages, stop all payments, warn your contacts, report the app to Google Play or the App Store and file a denuncia with the Ministerio Público. Your state's cyber police also takes these reports.