Key Takeaways In the second quarter of 2025, MELI's total credit volume rose 91% year over year to reach $9.3 billion.Loans over 90 days past due remain elevated at 18.5%, indicating sustained strain on credit quality.Higher provisioning and funding costs could outpace income as the credit book expands faster than revenues.MercadoLibre’s (MELI) lending growth has reached a pace that now threatens its margin stability. The company’s credit book continues to swell far faster than profitability can keep up, ra ...