Loans in Costa Rica: how borrowing actually works
A plain-English guide for expats, foreign residents and anyone comparing credit in Costa Rica: the legal rate caps, how to verify a lender, what replaces your home-country credit score, and how to compare real cost. Everything here comes from public official sources — Crédito.cr is a comparison site, not a lender.
1. Interest rates are capped by law
Since 2020, Costa Rica's usury law (Ley 9859) sets a maximum legal annual interest rate, recalculated by the Central Bank (BCCR) every January and July. Charging above the cap is a criminal offense.
| Type | Colones (₡) | Dollars ($) |
|---|---|---|
| Most credit (period 2026-S2) | 36,48 % | 30,11 % |
| Microcredit | 51,51 % | 42,65 % |
Official source: BCCR / La Gaceta (Ley 9859). Other-currency credit is capped at 7,27 % per year. Caps change every semester — confirm the current figures with the official publication or the BCCR series table before comparing offers.
2. Verify the lender with SUGEF before anything else
SUGEF, the financial regulator, publishes the list of supervised entities at sugef.fi.cr. A "financiera" that isn't on the list is outside financial-system supervision — that's where predatory informal lending (locally called gota a gota) operates, typically above the legal cap and with abusive collection. Rule of thumb: not on the SUGEF list, or no written rate — don't sign.
3. Compare total cost, not the advertised rate
The nominal rate is only part of the story. Ask for the full payment schedule including origination fees (comisión de formalización), mandatory insurance (pólizas) and any early-repayment penalty. Two loans with the same nominal rate can differ a lot in what you actually pay. For reference, the median starting rate for personal loans in colones across the 17 entities we track is currently 16,25 % — see our market statistics (in Spanish) for the full picture.
4. Borrow in the currency you earn
Dollar loans carry lower rates, but if you earn in colones you take exchange-rate risk on every single payment — and vice versa. Plenty of people have been burned by this. Run the numbers in both currencies with a payment calculator before deciding.
5. Your credit history doesn't transfer
Costa Rica has its own credit-bureau data — the CIC, administered by SUGEF. Your US or European credit history doesn't carry over. As a foreign resident you'll typically need a DIMEX (residency card) and some local income history before banks offer reasonable terms; public banks and cooperatives are sometimes more flexible than you'd expect.
Compare options (in Spanish)
The comparator itself is in Spanish — the language of every loan contract you'll sign here. Each product shows the rate, fees, term and requirements with a source and date, and links to the lender's official site.
FAQ
Can foreigners get a loan in Costa Rica?
Yes, but most supervised lenders require legal residency (a DIMEX card), local income history, and a local credit record. Costa Rica's credit bureau data (the CIC, run by the regulator SUGEF) is separate from US or European credit history, so expect to build history locally first. Public banks and cooperatives are sometimes more flexible than private banks.
What is the maximum legal interest rate in Costa Rica?
Since 2020, the "usury law" (Ley 9859) caps annual rates. The Central Bank (BCCR) recalculates the caps every January and July. Current caps: 36,48 % per year for most credit in colones and 30,11 % in dollars; microcredit caps are higher (51,51 % / 42,65 %). Charging above the cap is a criminal offense.
How do I check if a lender is legitimate?
SUGEF (the financial regulator) publishes the official list of supervised entities at sugef.fi.cr. If a lender is not on that list, it is not subject to financial-system supervision — that's where predatory informal lending (the so-called "gota a gota") lives. If they're not on the list or won't give you the rate in writing, walk away.
Should I borrow in colones or dollars?
Borrow in the currency you earn. Dollar loans usually carry lower nominal rates, but if your income is in colones you take exchange-rate risk on every payment — and vice versa. Run the numbers in both currencies before deciding.
Is Crédito.cr a lender?
No. Crédito.cr is an independent, free comparison site. All information is referential, sourced from official data (BCCR/MEIC, SUGEF) and lenders' public pages, with a source and date on every figure. Rankings are never sold, and applications always happen on the lender's official site.