SEOUL, March 27 (Korea Bizwire) – The South Korean government announced on March 26 an expanded loan program offering interest rate subsidies to small and medium-sized manufacturers of eco-friendly vehicle components, part of its ongoing push to strengthen the nation’s green automotive sector. Under the program, eligible companies can receive loans of up to 10 [...]
SEOUL, Feb. 26 (Korea Bizwire) — Stock-backed loans among South Korea’s major conglomerate owners have surged by nearly 1.5 trillion won ($1.05 billion) over the past eight months, reflecting an increasing reliance on equity as collateral amid financial pressures. A recent analysis by corporate research firm Leaders Index, covering 79 of the nation’s largest business [...]
SEOUL, Nov. 18 (Korea Bizwire) — The unification ministry said Monday it is reviewing measures to reclaim loans granted to North Korea for building inter-Korean roads and train tracks after the North blew them up in October. The unification ministry unveiled the tentative measures as part of its policy plan for the second half of [...]
SEOUL, Oct. 16 (Korea Bizwire) — The government will provide low-interest loans and other support worth 8.8 trillion won (US$6.45 billion) for the semiconductor industry by next year in an effort to strengthen the competitiveness of the advanced sector, the finance ministry said Wednesday. It is part of execution plans for the comprehensive support package [...]
SEOUL, Sept. 19 (Korea Bizwire) – In a sign of growing financial strain on South Korea’s middle and lower-income households, credit card loans, often a last resort for quick cash, have reached unprecedented levels this year. According to data released on September 18 by the Credit Finance Association, the outstanding balance of card loans, including debt [...]
SEOUL, Sept. 3 (Korea Bizwire) — In South Korea, a rush for loans at internet banks is intensifying as the country’s five largest banks continue to impose lending restrictions. Customers are flocking to online lenders, which are perceived as more accessible, in a phenomenon known as “open runs” – where borrowers attempt to secure loans as [...]
SEOUL, Aug. 23 (Korea Bizwire) — The financial regulator said Friday it launched a new centralized program to allow consumers to opt out of credit services, such as taking out new loans, a move aimed at preventing potential damage from voice phishing scams. More than 4,000 financial institutions have signed up for the new “credit [...]
SEOUL, July 10 (Korea Bizwire) – Early repayment charges on loans will be lowered from mid-January next year as financial regulators revised rules, officials said Wednesday. Under the revised rules, lenders will only be allowed to collect the actual cost of making or handling the loans repaid in advance, along with any actual loss stemming [...]
SEOUL, May 21 (Korea Bizwire) – As the South Korean public continues to grapple with high interest rates and soaring consumer prices, credit card loan balances reached an all-time high last month, reflecting the mounting financial strain on ordinary citizens. According to data released on May 20 by the Credit Finance Association, the combined credit card [...]
SEOUL, Apr. 4 (Korea Bizwire) — President Yoon Suk Yeol said Thursday the government will ease the loans criteria for young families as part of efforts to boost the country’s dismally low birthrate. Under the plan, the government will raise the threshold for home purchase and rental loans for a newly married couple with a [...]