lending rate Archives | Be Korea-savvy

Gov’t Plans to Cut Maximum Legal Lending Rate to 20 pct

SEOUL, Oct. 11 (Korea Bizwire) — The government plans to gradually cut the maximum interest rate that private lenders can charge to 20 percent per annum, the financial regulator said Thursday. In a parliamentary audit meeting, Financial Services Commission (FSC) Chairman Choi Jong-ku said the plan is aimed at further easing the financial burdens on [...]

S. Korea to Lower Maximum Legal Lending Rate to 24 pct Next Year

SEOUL, Jul. 26 (Korea Bizwire) — South Korea will lower the maximum legal lending rate to 24 percent from next year and strengthen supervision of private lenders, in a move to help ease financial burdens for desperate borrowers, the nation’s top financial regulator said Wednesday. Choi Jong-ku, the new chairman of the Financial Services Commission [...]