Following Saemaul Geumgo, credit unions also suspend new household loans

Suspension of credit loans and mortgage loans except for Jeonse loans
Saemaul Geumgo also suspends mortgage loans from the 29th

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Following Saemaul Geumgo’s cessation of housing mortgage loans, credit unions will also suspend all household loans except for jeonse loans from the 30th. This is the result of the ‘balloon effect’, in which demand for loans is driven by Saemaul Geumgo and credit unions as commercial banks begin tightening loans.

The credit union announced on the 29th that it would temporarily suspend new household loans, excluding jeonse loans, from the 30th. The timing of the resumption of loan product sales has not yet been determined. Loans that credit unions are suspending include mortgage loans and credit loans. Credit unions are financial cooperatives with 1677 stores and 14 million users. Stores are located all over the country, and there are many common users.

While Saemaul Geumgo also stopped new mortgage loans from the same day, there is also concern that the loan suspensions from the second financial sector may occur sequentially. An official from the financial sector said, “In the meantime, borrowers have flocked to Saemaul Geumgo and credit unions, which have many branches nationwide, due to the tightening of loans by commercial banks.

By Hong In-ki, staff reporter [email protected]


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