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 [...]
SEOUL, Dec. 20 (Korea Bizwire) – Financial authorities will ramp up efforts to crack down on moneylenders targeting young people and seniors from next year. According to the Financial Services Commission (FSC), a special task force will be launched as part of a joint effort with the Ministry of the Interior and the Seoul Metropolitan Government [...]
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 [...]
SEOUL, Korea, April 16, 2014 (Korea Bizwire) – According to data published by the National Tax Service on tax evasion cases that infringed on people’s livelihood, there are still so many loan sharks, private supplementary schools taking exorbitant monthly fees, and funeral parlors charging much more for coffins and burial shrouds. The government agency said [...]