SEOUL, Sept. 25 (Korea Bizwire) — Insurance policy-backed loans grew more than 20 percent over the past three years, data showed Wednesday, indicating that more people took out loans despite the risk of canceling insurance schemes before maturity amid a slowing economy. According to the data compiled by the Financial Supervisory Service, insurers’ outstanding policy [...]
SEOUL, Apr. 3 (Korea Bizwire) — Homemakers, university graduates, and other financially vulnerable groups will be able to qualify for loans more easily if they have been paying for their mobile plans diligently. The Financial Supervisory Service (FSS) announced on Tuesday that five major banks in South Korea will consider mobile payments and non-financial information [...]
SEOUL, Apr. 1 (Korea Bizwire) — Loans and the loan default rate both rose for the self-employed last year, the regulator’s data showed Monday. The loans extended to the self-employed totaled 389.8 trillion won (US$342.83 billion) at the end of the third quarter last year, up 13.9 percent from the same period of the previous [...]
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 [...]