Loan Service Available at Post Office from July

Post offices will offer loans in much the same way as banks beginning July 1.
The Ministry of Information and Communications Monday announced that it will start the lending service through an arrangement between Hanmi Bank and post offices.
The interest condition is the same as Hanmi's, annually 9.3 to 12 percent depending on the customers credibility, and businessmen can borrow up to 40,000 dollars.
Lending services will be available at 230 major national post offices and, eventually, will spread to all 2,300 branches in the future.
The ministry said it is the same service offered in banks at similar interest rates as well. Korea's modern post office, founded in 1884 during the Yi Dynasty, is modeled after Japan's post office in that it offers customers certain banking services.
Hwashik Bong:trojans@joongang.co.kr