SEOUL, Oct. 23 (Korea Bizwire) — About 520,000 people, or 1.3 percent of South Korea’s population, were believed to have borrowed money from loan sharks last year, a survey showed Tuesday. They borrowed an estimated 6.8 trillion won (US$6 billion) from unregistered lenders at the end of last year, according to the survey of 5,000 [...]
SEOUL, Jul. 10 (Korea Bizwire) — In February, a man in his 40s secretly took out a loan for 1 million won from a loan shark, without his family’s knowledge, under the premise that he would be paying it back within a week. Left with only 600,000 won in his hands after 400,000 won in [...]
SEOUL, April 26 (Korea Bizwire) – The government said Tuesday that it will launch a massive crackdown on illegal private lending and other crimes that threaten the livelihoods and safety of ordinary people. The crackdown is part of a government drive to root out loan sharks amid concerns that such illegal acts are undermining the [...]