Loan sharks circling

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Loan sharks circling

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Printed advertisements for illegal moneylenders are spread across an alley in Noryangjin, southern Seoul, on Sunday. The neighborhood is packed with shabby apartments popular with young Koreans studying in cram schools in the area. The Financial Services Commission (FSC) announced Sunday that it is offering a low-interest rate loan package for young people struggling to find affordable housing options at 13 banks starting Monday. People aged between 19 and 34 who make less than 70 million won ($59,022) a year will be allowed to apply for a loan of up to 70 million won for a deposit and 500,000 won for monthly rent. The FSC has earmarked a total of 1.1 trillion won for the measure. [YONHAP]

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