Consumer Credit in Argentina

2020 IMPACT

Low demand and high default rate exacerbated by COVID-19 crisis

The impact of the COVID-19 pandemic and consequent economic downturn has limited demand for consumer credit. Driven by the very challenging economic context, demand for consumer credit has suffered from a significant drop in consumer confidence and willingness to purchase expensive items with credit.

Plummeting demand and high interest rates impact auto lending

The contraction of consumption continues to impact many industries in Argentina, including motor trade, with car sales continuing to fall. Auto loans are naturally being negatively affected by falling car sales, with higher interest rates on loans further discouraging purchases.

Growing competition from Fintech providers of personal loans

In recent years, there has been a significant digital transformation in the financial industry due to the emergence of fintech companies, which have contributed to a new way of thinking, competing and operating in the financial world. These players compete directly with traditional companies within the industry, such as banks.

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