SEOUL, Jun. 18 (Korea Bizwire) — Starting as early as the latter half of the year, consumers who have taken out bank loans will be able to request information from banks as to how their interest rates are being calculated. In addition, a detailed breakdown of interest rates for each bank to be publicly announced [...]
SEOUL, June 12 (Korea Bizwire) — Loans in the accommodation and food services sector are increasing as the industry is in a deep slump, central bank data showed Tuesday, a warning sign that the quality of the debts and personal credit ratings are worsening in the process. Loans to lodging and eating businesses totaled 51.25 [...]
SEOUL, May 23 (Korea Bizwire) – Financial authorities on Wednesday unveiled a set of measures to allow companies to secure loans using their movable assets, including intellectual property and half-finished goods, as collateral. The measures are aimed at helping small and medium-sized enterprises (SMEs) and startups raise funds, the Financial Services Commission (FSC) said in [...]
SEOUL, Apr. 20 (Korea Bizwire) – The Export-Import Bank of Korea (Korea Eximbank) on Friday promised 800 billion won (US$753.29 million) in loans and guarantees to the local shipping industry this year as the government acts on a five-year restructuring plan. Eun Sang-soo, chairman of the state-run lender, met with the heads of shipping companies [...]
SEOUL, Aug. 25 (Korea Bizwire) — TV commercials from local loan companies have been a source of consternation for at least a decade in South Korea. In 2007, due to increased voices calling for regulation, the government banned loan commercials from all broadcast TV channels. Improving technology such as cable and satellite TV soon allowed [...]
SEOUL, April 11 (Korea Bizwire) – Seven major credit card companies are being accused of exploiting their customers after reports emerged showing they profited handsomely from high-interest loans despite prevailing low interest rates. Low interest rates in South Korea are seeing credit card companies enjoy some of the biggest profit spikes in recent years, with some [...]
SEJONG, Feb. 21 (Korea Bizwire) – The South Korean government is planning on new measures to support the livelihood of low-income families, who are among those suffering the most from the country’s recent economic struggles. According to officials, South Korea’s household credit jumped by 11.7 percent in 2016 compared to the year prior, setting a [...]
SEOUL, Feb. 8 (Korea Bizwire) – Ticket Monster, South Korea’s leading social commerce company, announced Tuesday the launch of a comparative website dubbed T-Mon Finance Mall (translated), which allows customers to compare some 5,800 on and offline financial products from 220 companies. The products available include credit cards, insurance, loans, bank accounts, installment savings, and [...]
SEJONG, Dec. 20 (Korea Bizwire) – South Korean household debt rose in 2016 from a year earlier as people borrowed money from banks and other financial companies to buy homes, and invest in real estate and businesses, government data showed Tuesday. The average household debt was tallied at 66.55 million won (US$56,000) as of end-March [...]
SEOUL, August 2 (Korea Bizwire) – The Financial Supervisory Service (FSS) revealed on August 1 that of 85,000 joint sureties issued by 10 loan companies, 23,000 (27.1%) had individuals in their 20s as co-signers. The value of joint loans co-signed by someone in their 20s added up to 79.5 billion won ($71.5 million). Large financial institutions, [...]