A natillera’s bylaws are the written agreement that everyone accepts before the first installment. They should say how much is contributed and when, how loans are made and collected, what happens if someone falls behind or leaves, how the earnings are distributed and when the cycle closes.
Why write it down
A spoken rule is remembered differently depending on who tells it. A written rule accepted by everyone keeps the treasurer from having to decide at their own discretion, and gives every member something concrete to refer to.
You do not need a long or legal document: one clear page that everyone reads and accepts, kept together with the group’s records, is enough.
The points worth agreeing on
| Theme | What to define |
|---|---|
| Members | Who takes part, how many places there are and how someone new joins. |
| Installment | Amount, payment deadline and how the receipt is recorded. |
| Cycle | Start month, closing month and distribution date. |
| Loans | Who can ask, maximum amount, term, interest rate and what happens if it is not paid. |
| Fines | Amount for a late payment or for missing a meeting, and where that money goes. |
| Withdrawals | Whether someone can leave before closing, when they receive their money and whether they lose part of the earnings. |
| Payout | How interest and event income are divided, and how pending loans are deducted. |
| Decisions | What is decided by majority, what requires unanimity and who holds the money. |
| Accounts | How often the account statement is sent and how the accounts are reviewed before closing. |
The rate on loans
Write the rate the way everyone understands it, for example “2% monthly,” and check it against the current usury rate: 2% monthly is equivalent to 26.82% effective annual. The cap also applies to loans between people and groups.
A checklist to copy
- The monthly installment is $___ and is paid no later than day ___ of each month.
- The cycle starts in ___ and is paid out in ___. Anyone who joins later pays the installments set by the agreement.
- Loans have a maximum of $___ per person, a term of up to ___ months and a rate of ___% monthly.
- Anyone who does not pay on time pays a fine of $___, which is added to the fund.
- Anyone who leaves before closing receives what was saved in ___ and ___ the earnings.
- Interest is distributed in proportion to each person’s savings month by month, and event income in equal parts.
- Decisions are made by ___ and the money is in the account of ___.
- Every month the account statement is sent to all members.
How NatIA Ahorro helps
NatIA Ahorro stores the default installment, the monthly interest on loans and the cycle dates, and records every movement and the distribution in exact cents. The group’s other agreements (fines, withdrawals, decisions) live in your bylaws: the platform does not enforce them for you or check the rate against the usury cap in natilleras.
Last updated: October 9, 2026. Written by the BankIA (jsadsAI) team. Educational content: it does not constitute financial or legal advice.
Frequently asked questions
Does the bylaws document have to be signed?
It is not mandatory, but each member should accept it in a verifiable way: signed, or with their confirmation in the group. What matters is being able to show what was agreed.
Can the bylaws be changed mid-cycle?
It is better to avoid it. If you must change it, do so with everyone’s agreement, in writing, and apply the change going forward.
Are these bylaws a legal document?
No. It is an educational guide for organizing a group of people who know each other. For an agreement with legal effects, consult a lawyer.
Keep exploring
What is a natillera
A natillera (a Colombian savings circle) is a savings group with monthly installments, member loans and a year-end payout. How it works and its risks.
Open →Natillera accounts
What to record, how to calculate loan interest and how to split the funds at year-end without disputes. With a worked example.
Open →NatIA Ahorro
NatIA Ahorro handles your natillera’s installments, loans and distribution, with a statement for each member. Per-person pricing in five countries.
Open →Put it into practice with your own data.
Request a demo and we will show you the platform running with your name and your rules.