37% increase in the consumption of loans for the private sector in the last year

It is a more than known fact that a large part of the private sector required financial assistance in recent months for various reasons. To be able to indicate this, it is enough to go to the latest reports that were prepared by the consultancy First Capital Group. For example, one of the most important data is that if the month of June is taken as a reference, the total balance of credits destined for the private sector was a little more than 3,140 million pesos.

With this first data on the table, it can be seen that the growth of said balance in the last year was at least 854 million pesos approximately, which would mark that the interannual growth was just over 37%, something that without a doubt is very positive for the financial sector. That said, from the report of this entity, there are many other data that are more than interesting, such as that so far in 2021, the growth of loans to the private sector was 12%, in an estimated way. But of course, of that last mentioned percentage, more than 7% occurred in the months of April, May and June.

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Of course, there were other loans that also had significant increases in June and a first example that can be highlighted is the case of personal loans, with increases of 1.5%, with the additional fact that these in the last 180 days, grew 18%. Another case is that of credit cards, which registered a balance of more than one billion pesos, which indicates that there was an increase of almost 3%, but the best thing about this segment is that the interannual growth was practically 60%. Another example to mention is that of mortgage loans (including all available modalities), which in the sixth month of this 2021 increased by 2.1% and in annual terms, by 12%. And do not stop highlighting the loans that are made in the US currency (dollars), which after having a marked recovery, in June fell almost 4%, thus registering a year-on-year fall of 25.3%.

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Today, without a doubt, users of the financial system when taking out a loan the first thing they want to know is about the bank with the lowest interest rate. The task can be simple, although sometimes not so much, because it depends a lot on the type of credit that is required and also on the current promotions that exist for clients and non-clients. The best, the specialists agree, is to prioritize requesting loans in the banks where you are a client, and on the other hand, it is essential to compare the total financial costs of each product, before signing any application.

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There are no doubts that if Argentina manages to reduce inflation, expand the economy (hand in hand with a stable dollar) and achieve massive openings after the sanitary measures due to the coronavirus, it will be able to grow again. Of course, the recovery will not take place in its entirety in the short term, but the banks are very expectant of the different decision-making by the National Government.

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