CLICX suspends loan applications, warns against deliberate defaults
CLICX has temporarily halted loan applications after demand exceeded forecasts, while warning that deliberate defaults could damage borrowers’ credit records.
- CLICX has temporarily suspended new loan applications after unexpectedly high demand overwhelmed its systems following its launch.
- The bank issued a warning against deliberate debt evasion, a practice encouraged on social media, stating it could damage a borrower's credit record.
- CLICX clarified that its digital platform does not mean relaxed lending standards and that all applications are carefully assessed for repayment capacity.
- Borrowers who submit false information or engage in fraudulent conduct may face legal action in addition to damaging their credit history.
CLICX, Thailand’s first virtual bank, has temporarily stopped accepting loan applications after unexpectedly high demand slowed its systems, while stressing that its digital model does not mean lower lending standards.
The branchless commercial bank attracted a large number of applicants after launching its ready-to-use credit product earlier this week. Demand exceeded the bank’s forecasts, causing delays in processing applications and notifying some customers of lending decisions.
In a statement issued on Tuesday (August 4), CLICX announced that it would temporarily suspend new loan applications while it handled the large volume of requests already submitted.
The bank apologised for the inconvenience and pledged to complete applications currently under review as quickly as possible. However, it maintained that every request would continue to be assessed carefully and responsibly.
Virtual banking does not mean easier approval
CLICX emphasised that although it operates entirely online, the speed and convenience of its platform do not guarantee that every applicant will receive a loan or that its approval criteria have been relaxed.
Lending decisions are based on several types of information rather than a single factor. The bank uses technology and alternative data to assess applicants’ repayment capacity alongside its risk-management standards and responsible-lending principles.
CLICX added that it continually monitors loan quality and is prepared to review its criteria in response to changing conditions to maintain the long-term stability of its lending portfolio.
Deliberate defaults may damage credit records
The bank also responded to social media posts encouraging people to borrow money without intending to repay it, a practice commonly referred to in Thai as “bid nee” (บิดหนี้), or deliberate debt evasion.
CLICX made clear that it does not support the misuse of loans or attempts by borrowers to avoid their repayment obligations.
Such conduct could damage a borrower’s credit record and reduce their chances of gaining access to financial services in the future.
The bank warned that applicants found to have submitted false information, used forged documents or engaged in conduct considered fraudulent could face action under the bank’s terms and relevant laws.
Bank pledges responsible access to credit
CLICX was established through a partnership between Krungthai Bank, Advanced Info Service (AIS) and PTT Oil and Retail Business (OR).
Its stated aim is to widen access to formal financial services, particularly for people who have the ability to repay loans but have previously faced difficulties obtaining credit through conventional channels.
As a branchless commercial bank regulated by the Bank of Thailand, CLICX pledged to promote appropriate access to financing while maintaining risk controls, good corporate governance and financial literacy.
The bank said these measures would support the development of a more inclusive and sustainable financial system.
