Clicx Bank has resumed digital lending after a pause of nearly three weeks with stricter checks for applicants.
The Bangkok Post reported that Thailand’s first virtual bank reopened applications on 21 August.
It had stopped accepting them on 2 August after unexpectedly high demand caused processing delays.
The pause came one day after Clicx introduced the lending service.
The bank later warned against deliberate defaults following social media posts encouraging borrowers to avoid repayment.
Suchot Piamchol, Senior Director for Modelling Supervision and Risk Assessment at the Bank of Thailand, indicated that Clicx strengthened its screening after discussions with the regulator.
Providers of digital personal loans in Thailand can use alternative data to assess an applicant’s creditworthiness.
They may also consider information from the National Credit Bureau.
Applicants can allow Clicx to access data from Krungthai Bank, Advanced Info Service and PTT Oil and Retail Business.
Information in the app indicates that sharing the data could improve an applicant’s chances of approval and shorten the process.
Those who decline can submit other details within 15 days of applying.
Clicx continues to offer credit of up to 1 million baht at annual interest rates ranging from 13% to 25%.
Featured image: Edited by Fintech News Singapore, based on image by RSplaneta via Magnific
