Labor organizer Gabriel Solano expanded a criminal complaint against Mercado Libre (NASDAQ: MELI) executive Marcos Galperin and company directors, petitioning the Argentine judiciary to provisionally suspend collections on consumer loans issued through Mercado Pago and Mercado Crédito amid allegations of usury.
Judicial Filings Target High Effective Rates
The legal action, submitted to the National Criminal and Correctional Court No. 53 under Judge Francisco Carlos Ponte and Prosecutor Cecilia Incardona, seeks an immediate halt to loan repayments. According to court filings cited by El Destape, the complaint argues that current lending terms extract a disproportionate financial advantage from vulnerable borrowers relying on short-term credit for daily expenses.
Here is the math. Documentation presented in the legal expansion shows that as of August 10, 2026, Mercado Crédito advertised Nominal Annual Rates (TNA) spanning 40% to 140%, with Effective Annual Rates (TEA) climbing as high as 276%. Meanwhile, official platform disclosures for specific consumer loan lines indicated total financing costs, or Costo Financiero Total (CFT), reaching up to 1,375.94%.
The Bottom Line
- Legal Action: The Partido Obrero leader requested a provisional court order to stop debt collections across Mercado Pago and Mercado Crédito until the usury investigation concludes.
- Regulatory Scrutiny: The petition highlights that the fintech giant operates outside the direct interest-rate oversight applied by central banking authorities to traditional financial institutions.
Comparative Metrics Spark Regional Scrutiny
The core of the legal challenge rests on the wide spread between deposit remuneration and lending yields. As reported by Los Primeros, the filing claims that Mercado Pago charges between 2.3 and 8 times the interest rate it pays to users who store cash balances within the digital wallet.
Furthermore, the complaint contrasts domestic pricing with operations in Brazil. Legal representatives noted that the top-tier financing costs cited in Argentina stand significantly above rates charged by the same corporate group in the Federative Republic of Brazil. The filing asserts this divergence stems from a lack of strict regulatory ceilings on private fintech lending rather than inherent product servicing costs.
| Metric Type | Reported Range (Mercado Crédito) |
|---|---|
| Nominal Annual Rate (TNA) | 48% – 249% |
| Effective Annual Rate (TEA) | up to 276% |
| Total Financial Cost (CFT) | Up to 1,375.94% |
Operational Risks for the Regional Fintech Leader
Disclaimer: The information provided in this article is for educational and informational purposes only and does not constitute financial advice.
