Report on Non-Financial Credit Providers

The purpose of this report is to analyse the evolution of the financing granted by this group of non-financial entities, as well as to characterise the groups of people who have access to them.

Cantidad de empresas | En septiembre de 2025 la cantidad total de Proveedores no Financieros de Crédito (PNFC) alcanzó las 542 empresas, 27 más respecto a marzo de 2025. De este total, 427 estaban inscriptas exclusivamente en el registro de Otros Proveedores no Financieros de Crédito (OPNFC), 62 en el de Empresas no Financieras Emisoras de Tarjetas de Crédito y/o Compra (ETCNB) y 53 empresas en ambos registros.

Financing Balance | The total financing balance of the NFPs reached $11 trillion in July 2025, accumulating 16 consecutive months of growth in real terms. This represented a real increase of 19% compared to January 2025 and 84% year-on-year.

The groups of Other Providers ($6.1 billion), Fintech ($2.6 billion) and Leasing & Factoring ($0.4 billion) reached their highest portfolio values in the period.

Number of debtors | The total number of debtors with at least one assistance was 11.2 million people in July 2025. Compared to January of the same year, the number of people assisted expanded 12%.

Average debt per customer | The average debt per debtor reached $985 thousand in July 2025, increasing 6% compared to January 2025 (at constant prices). This increase, together with the 12% increase in the number of debtors, explained the aggregate growth of 19% in the total balance of financing.

Debt by Type of Assistance | Greater relative dynamism was observed in personal loans ($4 trillion as of July 2025), which increased 25% in real terms compared to January 2025 and 144% year-on-year, while credit card assistance ($5.7 trillion as of July 2025) expanded 12% and 53% respectively.

Interest Rates | The weighted average Annual Nominal Rate (APR) of OPNFCs for personal loans stood at 129% in July 2025, down 4 percentage points (p.p.) compared to January and 19 p.p. year-on-year. The APR of credit cards issued by ETCNBs registered an increase of 5 p.p. in the period, reaching 92%.

Irregularity | The total irregularity of the PNFC portfolio stood at 16.2% in July 2025, with an increase of 7.6 p.p. since January 2025, when it was at a value around historic lows.

Debt of PNFC customers to financial institutions

Number of debtors | The number of shared debtors (individuals) continued to grow in 2025, exceeding 6.2 million in July (+12% vs January).

Balances Due | The total balance of financing of Financial Institutions (EEFF) to these debtors exceeded $27 billion in July 2025, increasing 37% at constant prices compared to January of the same year and 148% year-on-year.

Average debt per customer | The average amount of debt per customer with the EEFF stood at $4.4 million in July 2025, 23% more than in January 2025 in real terms. For their part, these shared debtors maintained an average balance of financing with the PNFCs of $1.2 million in that month.

Irregularity | The ratio of irregularity with the financial system of shared debtors stood at 8.6% as of July 2025.

Funding of PNFCs with financial institutions and in the capital market

Funding of the PNFCs with the financial system | The total debt of the PNFCs with the EEFF reached almost $2 trillion in July 2025, with an increase in real terms of 13% compared to January 2025 and 83% year-on-year. This financing represents 18% of the total balance of its active portfolio.

Irregularity of the PNFCs with the ESFFs | The NPFC debt irregularity rate with the LEFs remains at low levels, standing at 0.3% as of July 2025.

Funding of PNFCs in the capital market | During the first half of 2025, there was an expansion process in the issuance of financial trusts by the PNFCs, with a maximum of placements in the second quarter ($1.3 trillion in the first half of the year, at August 2025 prices). However, in July and August 2025, a slowdown in the pace of trust issuance was observed.

At the group level, the preponderance of Fintechs was consolidated, with an increasing trend in the amounts placed since July 2024, and a participation that was above 50% of the total issued during 2025.