...In 2025, payroll deductible loan (PDL) originations -- loans with payroll or pension deductions -- grew 23.8%. Although they fell 9.2% in 1H26, the cumulative trend remains positive. Rising interest rates and the new insolvency regulation made originators more cautious, while other segments grew faster. Even so, PDLs accounted for nearly 30% of the consumer loan portfolio. This segment is key due to its low-risk profile, with origination concentrated in specialized entities, non-bank financial institutions and banks. Despite stable performance in 1H26, insolvency, inflation, high rates and slower growth could deteriorate the portfolio by year-end. Nonetheless, structured finance issuance has grown steadily, driven originators' greater access to capital markets -- especially for fintechs and family compensation funds....
