[News Today] NON-BANKING SECTOR CUTS LOANS

[LEAD]
Since last month, financial institutions have intensified household loan management. This tightening has raised lending standards in second-tier financial institutions, including savings banks as well. For those with medium to low credit scores, securing loans have become even more difficult.

[REPORT]
This woman applied for loans at 10 savings banks early this month, but they were all rejected.

Because of a credit card loan she received a year and a half ago, her credit score plummeted to around 700.

The fact that she has a full-time job and no loan delinquencies were of little help.

Loan applicant/ (VOICE MODIFIED)
They referred me to private lenders even though I've never been behind on credit card payments. Even the savings bank declined me.

After more than two weeks of waiting, the woman was offered a loan at 19.8% interest at one savings bank.
That's the maximum rate permitted by law.

The original purpose of savings banks is to supply funds to people with medium credit scores who face difficulties in receiving bank loans. But these days the reality is different.

Because banks are cutting financing, those with high credit scores are now turning to savings banks for help.

The percentage of loans provided to customers with high credit scores by one savings bank this month has surged on-year, whereas loans provided to people with medium credit scores have declined.

Non-banking financial institutions, including savings banks, are expanding into collective loans, such as installment payment loans, further squeezing out mid-credit borrowers.

Savings bank staff/ (VOICE MODIFIED)
Screenings are stricter, with high defaults among borrowers, Tight lending criteria will likely continue into the first half of next year.

The Financial Services Commission is urging the non-banking sector to focus on funding for low- and mid-credit borrowers while also calling on it to manage household debt.

This means people with medium credit scores are unlikely to see improvements in their situation any time soon.

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