The Finance Ministry announced on Sunday (Aug 18) that it has helped 16,593 non-banking debtors refinance loans subject to illegally high interest rates. Since the operation began on December 1, 2023, banks and private partners have approved refinancing deals totaling 783.13 million baht.
The Government Savings Bank and the Bank for Agriculture and Agricultural Cooperatives have participated in the refinancing programs. The government has also launched projects to assist victims of loan sharks, including a loan project for repaying non-banking loans and a revolving fund for poor farmers. On August 2 alone, 738 debtors joined the refinancing program.
Non-banking creditors have been urged to register as pico-finance firms, allowing them to charge up to 36% interest annually, offering a more regulated and manageable repayment option for those impacted by predatory lending practices.
According to the Finance Ministry, the campaign has offered substantial relief to debtors nationwide, enabling them to break free from the cycle of high-interest debt and secure more manageable financial terms. (NNT)
