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Top 5 savings banks’ proportion of credit scores over 900 points increases simultaneously
9 card companies’ card loan balance at the end of April is just under 40 trillion won
[Herald Economy = Reporter Moon Hye-hyun] The loan threshold of major savings banks is getting higher. This is because the cost pressure such as reserve accumulation has increased this year, and the delinquency rate is steadily increasing as borrowers’ repayment ability worsens. In the end, savings banks have no choice but to select excellent borrowers and provide loans in order to improve soundness. As a result, ordinary people are flocking to card companies’ financial services such as card loans and cash services.
According to the Savings Banks Central Association on the 23rd, the proportion of borrowers with credit scores over 900 points among the new credit loan products handled by the top 5 savings bank companies (SBI, OK, Korea Investment, Welcome, and Acuon Savings Bank) last month increased simultaneously. In particular, the proportion of borrowers with a score of over 900 for SBI Savings Bank’s ‘SBI First Loan’ as of last month was 43.57%, up 4.12% points in just one month. The product is categorized as a household credit loan that provides a more reasonable interest rate and a generous limit to excellent office workers.
As the proportion increased, the interest rate level also decreased. According to the central association, the average handling interest rate for the product fell 0.47% points from 12.79% to 12.32% during the same period.
In addition, OK Savings Bank’s ‘Emergency OK Loan’ also saw its proportion of borrowers with a score of over 900 increase by 1.41% points, and its proportion of borrowers with a score of 801 to 900 increased by 5.77% points. The proportion of those with a score of over 900 points for Korea Investment & Savings Bank’s ‘Salmanhan Loan (50)’ also increased by 0.91%, Welcome Savings Bank’s ‘Welcome Bank Loan’ by 0.02%, and Acuon Savings Bank’s ‘Acuon Affiliate Loan’ by 0.86%.
A person related to the savings bank industry said, “From the perspective of savings banks, risk management is necessary, so it feels like they are focusing on borrowers with relatively good credit scores,” and “It seems that they have slightly increased the number of high-credit borrowers compared to the past.”
According to the Korea Savings Bank Federation, among the 30 savings banks that handled credit loans of 300 million won or more as of the end of April, only 13 provided loans to low-credit borrowers with a credit score of 600 or lower. This is a significant decrease from 23 out of 33 a year ago.
Accordingly, those with mid- and low-credit scores are looking for another emergency fund, card loans. According to the Korea Credit Finance Association, the card loan balance of nine card companies (Lotte, BC, Samsung, Shinhan, Woori, Hana, Hyundai, KB Kookmin, and NH Nonghyup Card) as of the end of last month was tallied at 39.9644 trillion won. It increased by 482.3 billion won from the end of March (9.4821 trillion won), breaking the previous record.
The interest rate level is also high. Lotte Card’s average card loan interest rate was the highest at 14.86%, followed by Woori Card at 14.83% and Samsung Card at 14.61%.
The cash service balance also increased by nearly 100 billion won in one month. The cash service balance at the end of April was 6.5605 trillion won, an increase of 97 billion won from March (6.4635 trillion won). Recommended at this time
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