nonbank lenders household loans surge
Last Updated : GMT 14:45:54
Arab Today, arab today
Arab Today, arab today

Non-bank lenders household loans surge

Arab Today, arab today

Arab Today, arab today Non-bank lenders household loans surge

Seoul - YONHAP

Household loans extended by non-bank financial institutions in South Korea have surged in the past few years as low-credit borrowers scurried to seek loans from such lenders that do less tight credit evaluations, data showed Monday.    The outstanding amount of household loans extended by non-banking firms reached 192.4 trillion won (US$173.3 billion) at the end of January, up 74 percent from 110.4 trillion won tallied in 2007, according to the data by the Bank of Korea (BOK). The tally is in stark contrast to the growth of household loans in all depository banks here, which increased 38.4 percent to 656.2 trillion won over the cited period, the data showed. The proportion of household loans extended by non-banking firms thus has risen to 29.3 percent as of end-January, from 23.3 percent in 2007. The surge came as borrowers in the low-credit group have turned to non-banking firms such as savings banks and mutual financing companies to borrow money since it has become harder for them to take out loans from local banks. South Korean banks have tightened household lending, following instructions from local financial authorities, which have put the utmost policy focus on curbing the country\'s household indebtedness. As of December last year, South Korea\'s household credit reached another record 959.4 trillion won, amid concerns that such a high level of household debt would hinder the overall economic growth. Household lending by Community Credit Cooperative, a major local mutual financing firm, increased by the most, hiking 132.1 percent to 37.1 trillion won from 16.01 trillion won in the same period, the BOK data showed. Savings banks saw their household lending grow 36.7 percent to 9.25 trillion won over the cited years. Non-banking firms\' mortgage lending also surged 82.3 percent to 85.7 trillion won from 2007 till January 2013, compared with a 28.6 percent growth to 316.2 trillion won for banks, according to the data.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

nonbank lenders household loans surge nonbank lenders household loans surge

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

nonbank lenders household loans surge nonbank lenders household loans surge

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Air China suspends flights to North Korea

GMT 10:39 2017 Thursday ,23 November

Air China suspends flights to North Korea
Arab Today, arab today Sophian Yussef reveals suitable decoration

GMT 02:56 2017 Thursday ,23 November

Sophian Yussef reveals suitable decoration
Arab Today, arab today Syria opposition meets in Riyadh

GMT 06:23 2017 Thursday ,23 November

Syria opposition meets in Riyadh
Arab Today, arab today Online exhibit shows hidden depths of

GMT 11:45 2017 Thursday ,23 November

Online exhibit shows hidden depths of
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today Srebrenica women cry tears of joy

GMT 08:03 2017 Thursday ,23 November

Srebrenica women cry tears of joy
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today 'Robo-taxis' hold promise, and perils

GMT 08:07 2017 Thursday ,23 November

'Robo-taxis' hold promise, and perils
Arab Today, arab today Honda recalls 800,000 minivans

GMT 11:43 2017 Wednesday ,22 November

Honda recalls 800,000 minivans
Arab Today, arab today Abeer Sabry reveals reason of “The Flood” success

GMT 08:03 2017 Tuesday ,21 November

Abeer Sabry reveals reason of “The Flood” success
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 07:56 2017 Monday ,20 November

Singer Jahda Wahba has unlimited ambitions

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts

GMT 10:43 2017 Wednesday ,22 November

Cigar-shaped asteroid came

GMT 09:45 2017 Tuesday ,21 November

Visit Jamaica for more than just sun

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday