In this chapter, I analyze the second stage of the process of financialization of Argentine welfare policy. During this period, the foundations of a new welfare infrastructure were forged, based on a novel interrelation between social policies, financial markets, and mass consumption. In this scheme, the stable flow of income distributed through cash transfers facilitated access to consumer credit, positioning the state as a guarantor for low-income households. Similarly, the reform of the social policy scheme opened a window of opportunity for the incorporation of microcredit as a component of the welfare matrix. Initially introduced on a marginal and compensatory basis, microcredit began a gradual process of institutionalization, which represented a first step in legitimizing financial instruments as an effective policy tool. As a result of both dynamics, the financial sector expanded its frontiers, penetrating low-income households through the boom in consumer credit, and embedding itself within the welfare matrix via the growing incorporation of financial instruments into its intervention toolkit.