high interest Archives | Be Korea-savvy

South Korean Working-Class Turn to High-Interest Revolving Loans as Banks Cut Lending

SEOUL, Nov. 10 (Korea Bizwire) – Working-class individuals in South Korea are finding themselves compelled to resort to revolving loans carrying an annual interest rate of 20 percent. This shift is a consequence of savings banks and card companies, typically the go-to sources for emergency funds among ordinary people, raising the bar for access to long-term [...]

Interest Rates on Illegal Loans Reach 1,630 Percent

SEOUL, April 4 (Korea Bizwire) – Illegal loan sharks are lending money at sky-high interest rates of as much as 1,630 percent per year. According to data from the Consumer Loan Finance Association (CLFA), the total amount of money borrowed from loan sharks last year was 14.7 billion won, and the average length of a loan [...]