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Argentina’s Consumer Credit Strain Deepens as Non‑Bank Delinquency Exceeds 27%

Moody’s expects further short‑term deterioration as high rates and weaker real incomes erode borrowers’ capacity to repay and raise currency‑mismatch risks.

La irregularidad en los créditos subió en enero por decimoquinto mes consecutivo y se posicionó en 10,6%, en un contexto de tasas reales elevadas e ingresos estancados.
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Las tasas de préstamos personales en entidades no bancarias son, en promedio, un 90% más altas que las de la banca tradicional.

Overview

  • Private estimates show irregularity in fintechs and other non‑bank lenders above 27% in January, versus 10.6% household delinquency in banks, marking a 15th straight monthly rise.
  • Moody’s warns credit quality will worsen before stabilizing toward mid‑2026 and cautions that expanding dollar loans to peso earners would heighten systemic risk.
  • Ualá rejected a viral claim of 64% morosity, saying Ualá Bank’s adjusted delinquency was about 18% in January and 17% in February, after portfolio transfers and data cleanup.
  • Stress is spilling into businesses: official data put commercial credit with collection difficulties at 2.7% in December 2025, with small and mid‑size firms near 4% mora.
  • Policy responses are emerging, with lawmakers proposing caps on punitive card charges and restored central bank oversight, and provinces like Santa Fe and Corrientes launching debt‑relief programs.