Non-Financial Credit Providers Report, June 2025
Stock of financing | The stock of financing granted by non-financial credit providers (proveedores no financieros de crédito, PNFCs) reached ARS8 trillion in January 2025, up 54% in real terms compared to July 2024 and 86% y.o.y., reaching the highest figure since June 2018. Regarding the share in the total stock, Fintechs stood out as they increased from 16% in July 2024 to 21% in January 2025 (historic high).
Analyzing financing based on the type of assistance, personal loans grew 93% in real terms between July 2024 and January 2025 (recording ARS2.7 trillion in the first month of the year) compared to 37% in the case of credit cards (ARS4.5 trillion).
Interest rates | The weighted average nominal annual interest rate (NAR) charged by other non-financial credit providers (otros proveedores no financieros de crédito, OPNFCs) for personal loans stood at 132% in January 2025, decreasing 84 p.p. from the peak reached in December 2023, and 14 p.p. from July 2024. The weighted average NAR on credit cards issued by non-bank credit card issuers (emisoras de tarjetas de crédito no bancarias, ETCNBs) stood at 87% in January 2025, increasing 7 p.p. from July 2024, but remaining 80 p.p. below the figure recorded in December 2023.
Non-performance ratio | The non-performance ratio of PNFC loans stood at 8.6% in January 2025, up 0.5 p.p. against July 2024. In the last two months under analysis, the downward trend observed since the end of 2023 partially reversed.
Number of borrowers | The total number of PNFC borrowers exceeded 9.9 million at the beginning of 2025, increasing 20% against July 2024. Fintechs were the key driver, with 4.9 million debtors (+39%).
Number of borrowers and stock of financing | The number of shared natural person (NP) borrowers increased between July 2024 and January 2025, reaching 5.6 million (+21%). In turn, the total stock of financing granted by FIs to these borrowers reached about ARS17 trillion in the period (+81% at constant prices).
Financing by type assistance | The growth in the financing granted by FIs to PNFC NP borrowers was mostly driven by personal loans, climbing 111% in the last six months, while credit card assistance went up 69%.
PNFC funding from the financial system | PNFCs’ debt to FIs reached ARS1.5 trillion in January, rising 62% in real terms in the last six months and 155% y.o.y. Despite this expansion, the financing provided by FIs to PNFCs is still relatively low against their asset portfolio (19% in January 2025).
PNFC funding in the capital market | In the first quarter of 2025, the amounts of financial trusts issued by PNFCs reached the highest level since 2018, and they recorded a rise of 359% in real terms against the first quarter of 2024.
Download report - in Spanish - To access previous editions, click here
June 6, 2025
