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March 29, 2024

FSC to tighten monitoring for consumer loans, small biz financing

PUBLISHED : March 21, 2018 - 13:47

UPDATED : March 21, 2018 - 13:47

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[THE INVESTOR] Financial authorities will tighten their monitoring of unsecured consumer loans and money going to small business owners this year, officials said on March 21.

As lending rules for mortgage loans have been tightened, household debt growth has stabilized in recent months, with financial authorities expecting people to increasingly depend on personal loans. Loans by small business owners may also rise this year.

During a meeting on household debt earlier in the day, Financial Services Commission Vice Chairman Kim Yong-beom said such borrowing can be used as a loophole for some people to borrow money in excess of the lending limits to buy homes.

If any irregularities are found in applications for such loans, financial authorities will strictly clamp down on them, Kim said.

The nation’s outstanding household debt stood at 1,450.9 trillion won (US$1.35 trillion) at the end of last year, up 8.1 percent from a year earlier.

Kim said the growth of household debt showed “stabilization” last year, but he urged banks and other financial institutions to “remain alert” to keep household debt under control.

By Song Seung-hyun and newswires (ssh@heraldcorp.com)

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