Regulator Further Cuts Maximum Interest Rate on Loans by Illegal Lenders

SEOUL, June 28 (Korea Bizwire) — South Korean financial authorities on Sunday said that illegal money lenders cannot impose annual interest rates of more than 6 percent, in a move to protect consumers in the pandemic-hit economy. The Financial Services Commission (FSC), the country’s financial regulator, drafted a new set of regulations that lowers the [...]