Unforeseeable consequences of hot loans
Recently, many people have faced serious consequences because they sought out informal sources of loans due to lack of information or not having completed the loan procedures at the bank. In addition, a common reason is that many people need money urgently and want quick procedures, so they easily choose black credit instead of accessing formal lending channels.
LPBank Tuyen Quang staff advises consumer credit programs to individual customers.
Mr. Nguyen Huy Hoang, Group 1, Hung Thanh Ward, recounted: “Before completing the bank loan paperwork, I needed money urgently so I decided to borrow 200 million VND through the FEcredit application. The loan procedure was easy, but when I intended to pay early, it was not approved. I called to ask to pay early, but the staff said that it was not yet the due date according to the payment schedule so I was not allowed to pay early. Meanwhile, the interest rate I had to pay every month was very high. Now thinking back, I realize that I was too reckless.”
Similarly, Ms. Pham Thi Linh, village 1, Trang Da commune ( Tuyen Quang city) was still shocked when mentioning the trouble from relatives borrowing black credit: “I did not borrow any money, but one day a strange phone number continuously called to curse and demand that I pay for my brother. Only when I asked carefully did I know that he had borrowed money from a loan shark group. Not only me, many other relatives were also threatened and harassed by phone calls all day long. Only when I found out clearly did I understand that my brother could not bear the high interest rate, so the loan shark group put terrible pressure on him.”
Such stories are not uncommon. With the need for sudden spending, especially small loans for family living, home repairs or education expenses, many people have chosen to borrow money or borrow through phone apps because they think it is quick and convenient, but they do not foresee the risks from exorbitant interest rates and illegal debt collection methods. This is a fertile ground for black credit to thrive, infiltrating and causing instability for many families.
Safe loan access channel
Mr. Trinh Ngoc Tuan, Deputy Director of the State Bank of Vietnam, Regional Branch IV, emphasized: “Recently, the State Bank has directed credit institutions in the area to promote the implementation of consumer loan packages with convenient procedures and competitive interest rates so that people can access official capital sources quickly and promptly. This is an important solution to limit black credit, protect the rights of borrowers, and at the same time contribute to promoting production and consumption, creating momentum for economic growth in the locality.”
In order to push back black credit, local banks have made efforts to simplify procedures, shorten documents and diversify loan products, helping people easily access legitimate capital sources.
Mr. Nguyen Duc Hoang, Deputy Director of LPBank Tuyen Quang, said: “LPBank always prioritizes simplifying procedures, shortening documents, creating conditions for customers to borrow capital quickly, especially with loan packages for civil servants, employees, and retirees without having to mortgage assets. Retirement loans can be up to 500 million VND, while civil servants, employees, and armed forces can borrow up to 300 million VND. Our goal is to bring capital to people quickly and safely, contributing to pushing back black credit.
In addition, VietinBank is one of the pioneering banks in applying digital technology to the disbursement process. Customers can proactively carry out loan procedures and receive disbursement results right on the VietinBank iPay Mobile application. Money will be transferred directly to the account in a short time, with a disbursement limit of up to 500 million VND per day. This online disbursement service is especially suitable for borrowing purposes for production and business, helping customers to flexibly use capital and save maximum time and effort.
In addition to shortening disbursement procedures, banks have implemented many loan packages with low interest rates, which also contribute to pushing back black credit. Typically, VietcomBank Tuyen Quang prioritizes lending to business customers in production and business in the province's priority areas with interest rates from only 4.5%/year; LPBank Tuyen Quang and Agribank Tuyen Quang are currently implementing loan packages for buying houses and land with interest rates from only 3.88% to 5.5%/year, priority in the first 3 years, with a maximum loan term of 35 years - 40 years.
The lending interest rate is also on the decline, creating more favorable conditions for people to access legitimate capital sources. According to statistics, short-term lending interest rates for priority sectors are only 3.5% - 4%/year; medium and long-term lending rates are commonly 6% - 12.5%/year, about 0.5 - 1% lower than at the beginning of the year. The fact that banks have aggressively reduced interest rates and continuously launched attractive loan packages has directly limited the "survival door" of black credit.
Source: https://baotuyenquang.com.vn/mo-rong-tin-dung-tieu-dung-day-lui-tin-dung-den-213562.html
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