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Households Opt for Early Redemption of Credit Loans amid Rising Interest Rates

Households Opt for Early Redemption of Credit Loans amid Rising Interest Rates

SEOUL, Oct. 19 (Korea Bizwire) — A growing number of South Koreans are redeeming their credit debts prior to their expiration date due to heavier financial burdens caused by rising interest rates, with some even willing to pay penalties for redeeming debts prior to the due date. Rep. Yun Chang-hyun of the People Power Party [...]

Policy Lenders to Expand Small Firm Loans with Low, Fixed Rates: FSC

Policy Lenders to Expand Small Firm Loans with Low, Fixed Rates: FSC

SEOUL, Aug. 8 (Korea Bizwire) — South Korea’s financial regulator said Monday state-run policy lenders plan to increase loans with low and fixed interest rates to small firms to help ease their financial burdens caused by high inflation and rising borrowing costs. The Financial Services Commission (FSC) said in a policy briefing to President Yoon [...]

1 Out of 8 Mid-aged People Borrowed Money to Tide over Pandemic: Survey

1 Out of 8 Mid-aged People Borrowed Money to Tide over Pandemic: Survey

SEOUL, Aug. 7 (Korea Bizwire) — About one out of eight mid-aged people in South Korea has borrowed money due to economic challenges caused by the coronavirus pandemic, a survey showed Sunday. According to the survey of 3,923 people by the Korea Institute for Health and Social Affairs, 12.5 percent of people in their 40s [...]

Growing of Young S. Koreans Borrowing from Non-banking Financial Sectors

Growing of Young S. Koreans Borrowing from Non-banking Financial Sectors

SEOUL, July 15 (Korea Bizwire) — The value of loans issued to young South Koreans from the non-banking financial sector is on the rise, with some being pushed into declaring bankruptcy. Rep. Jin Sun-mee of the Democratic Party shared a report from the Financial Supervisory Service that showed young South Koreans under the age of [...]

High Interest Rates Take Toll on Young S. Korean Tenants

High Interest Rates Take Toll on Young S. Korean Tenants

SEOUL, July 6 (Korea Bizwire) — South Koreans in their 20s and 30s are struggling with rising interest rates. A majority of loans for jeonse (long-term deposits for rent), in particular, are provided at floating interest rates, which makes young South Koreans react to an increase in interest rates with concern or give up on [...]

Policy Loans Taken Out by Seniors from Insurance Firms Surge Last Year

Policy Loans Taken Out by Seniors from Insurance Firms Surge Last Year

SEOUL, July 5 (Korea Bizwire) — Loans issued to seniors over 60 years of age from insurance companies jumped last year, a lawmaker said Monday, citing data from the Financial Supervisory Service. Loans taken out by seniors over 60 years of age from insurance companies reached 11.16 trillion won (US$8.55 billion) as of late December [...]

Majority of Young Koreans Who Applied for Personal Rehabilitation Received Loans from Non-banking Institutions

Majority of Young Koreans Who Applied for Personal Rehabilitation Received Loans from Non-banking Institutions

SEOUL, May 5 (Korea Bizwire) — Eight out of 10 young people in their twenties who applied for personal rehabilitation took out loans from secondary financial institutions including credit cooperatives and savings banks, a survey showed Wednesday. The Seoul Financial Welfare Counseling Center conducted a survey of 512 young people in their twenties who completed [...]

Commercial Banks See Non-face-to-face Loans Rise Steadily

Commercial Banks See Non-face-to-face Loans Rise Steadily

SEOUL, Sept. 23 (Korea Bizwire) — The use of non-face-to-face bank loans that can be applied for simply through several clicks online is on a steady rise. The outstanding balance of non-face-to-face loans at the nation’s 18 commercial banks as of the end of June 2021 totaled 111.8 trillion won (US$94.4 billion), an almost threefold [...]