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, [...]
SEOUL, July 13 (Korea Bizwire) – Household loans extended by local banks continued to rise at a fast rate in June, apparently on record low interest rates, central bank data showed Wednesday. Outstanding household loans extended by local lenders came to 667.5 trillion won (US$582.67 billion) as of the end of last month, up 6.6 [...]
SEJONG, Feb. 6 (Korea Bizwire) – Student loans from the government rose nearly three-fold from 2010 to 2014 due to tuition increases, a private research institute said Friday. Outstanding government-funded student loans came to 10.7 trillion won (US$9.8 billion) as of the end of last year, 2.9 times higher than 3.7 trillion won in 2010, [...]
SEOUL, Korea, April 30, 2014 (Korea Bizwire) – New loans offered by commercial banks to small business owners are gaining popularity. According to banking sources on April 29, “Neighborhood Loan” given out to self-employed businesspeople was sold 20.3 billion won in 544 cases as of April 22, with an outstanding loan balance at 15.4 billion [...]