The three internet-only banks will simultaneously restrict unsecured loans. It is part of measures to address the surge in "debt-fueled investing" following a stock market rally.
According to the financial industry on the 16th, KakaoBank will lower the maximum limit for overdraft accounts (credit line loans) from 240 million won to 100 million won starting on the 22nd. Also starting next month, when renewing overdraft accounts with a contract of 50 million won or more, it will cut the limit by up to 20% for accounts whose limit usage rate over the past six months is 20% or less.
Toss Bank will lower the loan limit to 100 million won for unsecured loans and 50 million won for overdraft accounts starting on the 18th. The previous loan limits were 300 million won and 150 million won, respectively. Starting on the 24th, it will cut the loan limit by up to 40% for accounts whose overdraft limit usage rate over the past three months is 40% or less. Kbank decided to suspend new sales of overdraft accounts from today through the end of next month.
Earlier, the Financial Services Commission held a household debt review meeting on the 11th and activated an emergency management system for household loans. It also said it would conduct intensive weekly inspections of financial companies that do not meet their targets.