Insurance Companies Start to Lend Money to General Public
Beginning October 23, insurance companies can lend money to individuals who do not have an insurance contract with the company.Until now, Korean insurance companies could only give loans to their policy holders.
Due to the old regulations, those who wanted to receive loans from an insurance company would have to purchase an insurance contract and ultimately paid a higher interest rate for the loan.
Now that insurance companies have decided to provide loans to the general public, the interest rates charged would be almost the same level as loans provided by other financial institutions including banks.
with the Korea JoongAng Daily
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