Within Buenos Aires, Province Bank launched a new personal loan programme specifically for registered domestic employees in April 2025. This initiative aims to improve access to credit for a sector that has frequently enough been overlooked by traditional financial institutions.

the loans, available to private household workers residing in Buenos Aires City or the Buenos Aires Province, offer access to funds up to $504,614 (Argentine pesos), payable in 36 fixed installments. This translates to roughly $5,000 USD, though the exact amount fluctuates with exchange rates.

This type of program can be compared to initiatives in the United States aimed at supporting gig workers and independent contractors, who frequently enough face similar challenges in accessing traditional credit. For example, some credit unions and online lenders are beginning to offer specialized financial products tailored to the needs of freelancers and those with irregular income.

who Can Apply?

Eligibility is limited to individuals registered in the special employment contract regime for private household staff, recorded in the ARCA system. Applicants needed to present their national identification document (DNI) at any Province Bank branch in Buenos Aires City or Province before April 30, 2025.

Loan Details

The loan program features specific terms designed to make it accessible to domestic workers:

• Maximum Amount: $504,614 (Argentine pesos), approximately 1.7 times the minimum wage.
• payment Period: Up to 36 months.
• Annual Nominal rate (TNA): 52%.
• Total Annual financial Cost (CFTEA): 66.37%.
• Amortization: Monthly fixed installments, using the French amortization system.
• Life Insurance: No associated cost.
• Maximum Affectation: 30% of the declared monthly income.

These terms are tailored to the financial realities of domestic workers, ensuring manageable monthly payments and minimizing additional costs.

Impact and Meaning

This loan program represents a significant step toward recognizing domestic work as a formal activity and promoting financial inclusion within the Buenos Aires metropolitan area. By providing access to credit, Province Bank is helping to empower thousands of workers and integrate them into the formal banking system.

“This loan represents a basic step in the recognition of domestic work as a formal activity, and promotes the banking of thousands of workers in the metropolitan area,” the bank stated in a press release.

In the U.S., similar initiatives focus on providing microloans and financial literacy programs to underserved communities, recognizing that access to capital is crucial for economic empowerment. The Province Bank’s approach aligns with this broader global trend toward fostering financial inclusion for all.

Option: Visa Credit Card

province Bank also offered an alternative: a Visa credit card with a credit limit of up to $480,000 (argentine pesos). The card allows purchases in installments and included a 100% bonus on annual broadcast, maintenance, and renewal fees. Applicants coudl only choose one product – either the loan or the credit card.

The availability of a credit card provides an additional avenue for domestic workers to manage their finances and build credit. Though, it’s crucial for users to understand the terms and conditions of the card, including interest rates and fees, to avoid accumulating debt.

Banking Security and Fraud Prevention

As financial services expand, Argentine courts are increasingly focusing on protecting users against digital scams. Recent rulings in cities like Bariloche and La Plata have shifted the responsibility for digital security to the banks.

For instance, Patagonia Bank was found liable for failing to prevent a phishing scam targeting a customer. Similarly, BBVA was held responsible for unauthorized transfers and fraudulent loans due to inadequate identity verification protocols.

“Recent cases in Bariloche, La Plata and other cities show a paradigm shift: banks are responsible for the safety of their digital channels,” noted a legal expert familiar with the rulings.

This context underscores the importance of robust cybersecurity measures and customer service protocols to accompany new credit lines like those offered by Province Bank. In the U.S., the FDIC and other regulatory agencies emphasize the need for banks to invest in cybersecurity and fraud prevention to protect their customers’ assets.

Financial Inclusion in Buenos Aires

The new loan program for domestic employees signifies progress toward greater financial inclusion in Buenos Aires City and Province. By providing accessible financial products and promoting responsible banking practices, Province Bank is contributing to a more equitable and prosperous society.

“The new loan line for domestic employees marks an advance towards greater financial inclusion in the Buenos Aires City and in the province of Buenos Aires,” a Province Bank spokesperson stated.