Mercado Libre’s Founder Faces a Criminal Usury Complaint Over Loans Costing Up to 1,375% a Year
The headline figure is the total cost of credit, not the interest rate. It sits on the company's own public rate sheet. The post Mercado Libre’s Founder Faces a Criminal Usury Complaint Over Loans Costing Up to 1,375% a Year appeared first on The Rio Times .
A criminal complaint filed in Buenos Aires accuses Marcos Galperin, the founder and chief executive of Mercado Libre, of usury over the cost of consumer loans sold through the company's Mercado Pago wallet. The complaint, not a charge or a conviction, alleges that the interest promised is clearly out of proportion to what is received.
The total financial cost, or CFT, which includes fees, taxes, and the effect of monthly payments, runs from 76.36% to 1,375.94% a year. The nominal annual interest rate, or TNA, runs from 48% to 249%. Lenders are required to publish both, but the CFT is the one to compare. The complaint is built on the gap between what Mercado Pago pays savers and what it charges its most expensive borrowers.
Written by urgent.news from The Rio Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
