[Report] "How much is the credit limit?" 1 Trillion Won in 3 Days... 'Last Train Loan' Crisis (Comprehensive)

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[Asia Economy Reporter Kangwook Cho] "I heard the credit loan limit is being reduced. How much will it be cut? I was planning to take out a loan next month for the apartment's interim payment, so I think I need to get it quickly."

"How will the interest rates be adjusted? I checked through the credit loan application (app), but it only shows errors. If I visit the branch now, can I still get a loan?"

On the 16th, inquiries about credit loan interest rate adjustments and limit reductions flooded bank branches. As efforts to curb the rapid increase in credit loans intensified, those currently investing in real estate or preparing plans faced setbacks. There were even cries that if they cannot get credit loans, paying the existing apartment's interim or final payments would become impossible. Among office workers, a strong movement to "just get it first" and catch the 'last train' is growing.

"Just get it first" Flood of inquiries about interest rate and limit adjustments

A representative from Bank A's Yeouido branch said, "In the past few days, we have been flooded with phone inquiries about when the loan interest rates will rise and how the limits will be adjusted," adding, "Although the number of customers coming directly to the counter to get loans hasn't increased significantly, we've become busy handling phone inquiries."

Also, a representative from Bank B's Gwanghwamun branch said, "One customer had consulted about getting a loan in October or November and asked if they could get the loan under the existing conditions," adding, "Many called worried about whether the tightening of loans would affect their plans as they were considering taking out a loan."

Despite the surge in inquiries, some point out that full frontline counter responses have not yet begun. It is still the early stage, and the critical period is expected to be next week.

A representative from Bank C said, "At the head office level, we are collecting inquiries received at the counters to understand which issues are most common and to set directions," adding, "It will take some time until the head office creates and distributes manuals regarding loan criteria such as interest rates and limits."

Inquiries from high-income earners also continued. Bank D reported that the day before, their branches received continuous inquiries from professionals such as doctors, lawyers, and accountants about opening overdraft accounts and increasing limits.

Interest rates that won't come back... 1 trillion won increase in 3 days "Not taking it is foolish"

On portal site communities, voices saying "Even if I don't have an immediate use, I should just get it" are growing. There are even remarks like "Not taking it is foolish." A netizen who identified as a 30-something office worker said, "The government says it will regulate again, but I feel this interest rate will never come back," adding, "In two days, I might earn more than a year's worth of interest in the stock market, so I'm debating whether to take out a loan."

In fact, a 'panic loan' occurred due to regulatory concerns. Credit loans, which had increased by 1.1 trillion won by the 10th of this month causing shock, grew by more than 700 billion won in just two days (14th-15th) at major commercial banks. It is reported that in just three days until the 16th, the increase was close to 1 trillion won. Amid ongoing 'debt investment' where people borrow to invest in stocks and 'Eongkkeul' where they borrow to the limit and gather assets to buy real estate, even those who do not necessarily need loans are applying, saying "Let's just get it first."

Concerns over harm to real demanders due to high-income earner regulations

Suspicion about the financial authorities' 'pinpoint regulation' is also growing. There is concern that blocking the money flow for ordinary people might push them to the second-tier financial sector with higher interest rates or harm small business owners and self-employed people who have been using credit loans as living expenses during the prolonged COVID-19 pandemic. Another netizen said, "They don't even give low-interest COVID loans to office workers but want to block credit loans too," expressing frustration, "Ordinary office workers need loans to buy homes, so what are we supposed to do?"

There were also worries from others saying, "Previously, mortgage loans were blocked in the primary financial sector, so we had no choice but to go to the secondary financial sector. If credit loans are blocked again in the primary sector, we will have to pay slightly higher rates in the secondary sector, which worries me."

The banking sector expects the 'last train' rush for credit loans to intensify further. A representative from a commercial bank said, "The financial authorities have currently sent a 'signal' to reduce credit loans for high-income earners first, but this is due to the 'balloon effect' caused by mortgage loan regulations, so more direct regulations are expected," adding, "In the process, there is a high possibility that real demanders who need living expenses may suffer unintended harm."

This content was produced with the assistance of AI translation services.