Despite the increase in personal loans, mortgage loans are also experiencing a rise, as well as those intended for durable goods such as cars or motorcycles, in addition to personal loans for various consumption needs, according to an economist and director of the consulting firm Focus Market. Banks have found a good level of yield in personal loans, and reductions and decreases in rates are expected throughout the year for this type of financing.
During December 2024, mortgage credits led the growth of financing with a monthly increase of 16.1% at constant prices, accumulating an annual growth of 36% in real terms, after a drop of 52% in 2023. These loans have helped to partially cover the loss of purchasing power of salaries, allowing people to complete projects, make home renovations, upgrade appliances, travel, or face extra expenses. This was reflected in a growth of 204% in personal loans in pesos in the last year, reaching $10.7 trillion.
Personal loans have been a solution for Argentine families in this economic landscape, offering the possibility of realizing projects through fixed installments and agreed interest rates. Although financing has flowed, it does not mean it is cheap, but simply accessible. Personal loans respond to the current financial difficulties of Argentine families, with installments as allies of consumption for the realization of projects.
Regarding loan offers, different entities such as Banco Nación, Provincia, Macro, and Banco Supervielle offer various rates and conditions for personal loans. The application for these loans is usually straightforward, requiring to be over 18 years old, present the ID, and undergo a credit review. For those who need a quick and uncomplicated response, personal loans provide an immediate solution to various needs.
According to Vanesa Di Trolio, Digital Development Manager at Reba, personal loans are a good option in a context where the consumer price index continues to rise. These loans allow for immediate access to money to settle debts, travel, replace products, or relieve personal finances. A specific focus on additional benefits for those who pay their installments on time has been highlighted.
Mortgage, pledge, and other loans have also experienced significant growth in the same period, suggesting that people may be turning to debt to cope with the rising cost of living affecting many families.
