The party of easy credit is over. While fintechs and virtual wallets celebrated their expansion, the Central Bank’s numbers show a chilling reality: nearly three out of ten loans granted by these non-financial providers are already in default. The non-performing loan portfolio reached 26.9% in February 2026, a jump of 9.7 percentage points in just seven months. It is one of the largest increases since records began.
The official report, covering up to February 2026, reveals that personal loans are the hardest hit: delinquency there climbs to 34.1%. For non-bank credit cards, it is 19.4%. But the most alarming data comes from the consulting firm EcoGo: total non-performance has already reached 27.5% and debtors classified as unrecoverable represent 10.8% of the portfolio, equivalent to 1.5 trillion pesos. A year ago, that proportion was barely 2.6%.
The Central Bank, led by Santiago Bausili, reported that the nominal annual rates on these loans remain usurious: 144% for personal loans and 87% for credit cards. Although they have fallen compared to 2025, they are still well above bank rates. That explains why these entities concentrate the riskiest clients, those who do not qualify at traditional banks.
The total volume of financing from non-financial providers reached 13.9 trillion pesos in February, with a real year-on-year growth of 22%. But the slowdown is already being felt. Fintechs, which led the expansion with a 47% year-on-year increase, are now showing signs of exhaustion. The number of debtors also grew: 12.1 million people have some credit with these entities, of which more than 7 million are fintech clients. That is equivalent to 85% of the debtors in the traditional financial system.
The problem is not just with non-bank financial institutions. The Central Bank detected that 6.9 million people have simultaneous debts with these providers and with banks. The delinquency of that group went from 8.6% in July 2025 to 16.1% in February 2026. The outstanding balance owed by these debtors is 36.8 trillion pesos, a time bomb for the system.
The consulting firm Equilibra already warns that bank credit to the private sector is stagnant. Delinquency in private loans went from 7% to 7.2% between March and April, driven by households. Banks are tightening lending criteria, just when financing is most needed.
The registry of non-financial providers continues to grow: in the first quarter of 2026 there were 585 companies, 19 more than at the end of 2025. Among them, 137 cooperatives and mutuals, 77 fintechs, 44 leasing and factoring firms, 41 non-bank credit card issuers, and 25 appliance companies. But the expansion comes just as Argentines’ ability to pay collapses.
The data does not lie: long-term delinquency (more than one year overdue) multiplied by four in twelve months. Easy credit has become a trap for millions of people. The non-bank system, born as an alternative to banks, is now a bottomless pit. The question is: how long can they sustain this pace without everything exploding?
Para mí esto pasa por prestarle a vagos que viven del plan. Los zurdos y progres arruinaron la cultura del laburo, ahora todos quieren plata fácil. ¡A ver si devuelven lo que deben, caraduras! El que no paga, que labure o que se joda. ¡Basta de subsidiar la irresponsabilidad!
para mi esto es lo q pasa cuando dejan q los buitres de las fintech manejen la guita 3 de cada 10 prestamos incobrables y los chorros de siempre se llenan los bolsillos mientras laburantes se funden vayan a laburar lacras esto es el capitalismo en su maxima podredumbre necesitamos un estado q ponga orden ni un paso atras carajo