It appears that even in a doomsday scenario, MELI has enough net cash to fully cover any losses in its credit portfolio.

Source: https://seekingalpha.com/article/4568769-mercadolibre-the-crash-of-dominant-latam-e-commerce-operator?source=feed_all_articles

I/we have a beneficial long position in the shares of MELI, SE either through stock ownership, options, or other derivatives.

Source: https://seekingalpha.com/article/4568769-mercadolibre-the-crash-of-dominant-latam-e-commerce-operator?source=feed_all_articles

While I acknowledge the possibility of geographic bias, at these higher stock prices MELI may be more susceptible to risks stemming from high interest rates.

Source: https://seekingalpha.com/article/4598061-mercadolibre-downgrading-stock-on-argentina-risks?source=feed_all_articles

With a broad geographical presence and a diverse clientele spanning consumers, credit card users, and merchants, MELI has multiple pillars supporting its operations.

Source: https://seekingalpha.com/article/4629120-mercadolibre-meli-a-deep-dive-into-latin-americas-e-commerce-giant?source=feed_all_articles