Payroll loan or personal loan?
A payroll loan (crédito de nómina) is repaid straight from your salary, which usually means a lower rate. Borrow the same money both ways and see the difference. The example uses Banxico's average rates, with no opening fees: type in the numbers from your own offers.
The difference
- The payroll loan costs you less in total$21,192.51$847.70 a month
| Payroll loan | Personal loan | |
|---|---|---|
| Each month | $5,496.11 | $6,343.82 |
| What you pay in total | $137,402.87 | $158,595.38 |
| What the loan costs you | $37,402.87 | $58,595.38 |
| Real cost a year | 36.2% | 58.5% |
Payroll loan, real cost a year36.2%
Personal loan, real cost a year58.5%
A lower rate isn't the only difference: a payroll loan is usually tied to the bank where you get paid, and it's collected from your salary before you see it.
Method: level monthly payments, with the real cost worked out using Banxico's CAT formula.
Where the numbers come from
- Indicadores Básicos de Créditos de Nómina, data to December 2024 Banco de México (Banxico). Balance-weighted average rate of 27.0% on loans granted in 2024.
- Indicadores Básicos de Créditos Personales y Microcréditos, data to August 2025 Banco de México (Banxico). Weighted average rate of 40.5% and an average term of 25 months on loans granted from September 2024 to August 2025.
This is an estimate for comparing options, not a quote. Check the figures on your contract before deciding.