[Anchor]
It’s been about two months since the financial authorities began tightening bank lending conditions significantly.
As a result of these policies, the rate of household loan growth has slowed at the five major banks, but lending at second-tier financial institutions has surged.
This so-called “balloon effect,” where loan demand shifts, is becoming evident.
Reporter Oh Dong-geon reports.
[Reporter]
Loans from second-tier financial institutions, such as credit loans and card loans—often referred to as emergency funds for ordinary people—are estimated to have surged by more than 1.5 trillion won last month.
According to the financial sector, card loans, cash services, and credit loans from card companies and capital firms increased by over 900 billion won last month.
The “insurance policy loan,” which provides loans within the refund limits instead of canceling insurance, also increased by about 300 billion won and is considered a representative “recession-type loan.”
[Joo Won / Head of Economic Research, Hyundai Research Institute: From the consumers’ perspective, there is an urgent need for funds. As a result, loans from second-tier financial institutions and credit loans in particular are increasing significantly, showing a balloon effect.]
As the five major banks tightened their loan conditions, loan demand shifted to relatively more accessible second-tier financial institutions.
The increase of over 1.5 trillion won in second-tier financial institution loans in just one month is the highest it has been in three years and three months since July 2021, when there was a rush to subscribe to public offerings like Kakao Bank.
[Kim Kwang-seok / Adjunct Professor, Hanyang University: This can be seen as a movement for livelihood loans to overcome issues like employment insecurity among salaried workers and sluggish sales for self-employed individuals. It can be analyzed as having characteristics different from the previously increasing investment-type debt.]
As financial authorities are reportedly seeking to moderate the pace by requiring second-tier financial institutions to submit loan targets for November and December,
attention is focused on whether measures to prevent the “balloon effect” of loans will emerge from the Financial Services Commission’s household debt review meeting.
This is YTN’s Oh Dong-geon.
Video Editing: Jeong Ji-yoon
Design: Baek Seung-min
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