borrowers Archives | Be Korea-savvy

Banks Encouraged to Provide Policy Loans to Desperate Borrowers

SEOUL, Dec. 21 (Korea Bizwire) — The financial regulator said Friday it will encourage banks to provide mid-rate policy loans worth 1 trillion won (US$886 million) to desperate borrowers from next year, as part of ongoing efforts to relieve their debt burdens. About 3 million borrowers, who have no option but to borrow money from [...]

Borrowers Can Ask Banks to Lower Loan Rates via Internet, Mobile Banking in 2019

SEOUL, Dec. 20 (Korea Bizwire) — The financial watchdog said Thursday it has revised its guidelines to allow borrowers to make online requests to banks for lower loan rates starting in 2019. Currently, borrowers with a good credit score must visit a physical bank branch to ask a bank to cut their loan rate. From [...]