The government has backed down on its full-fledged restrictions on housing loans in just two weeks. On Thursday, Financial Services Commission (FSC) Chairman Koh Seong-beom said he will “flexibly manage” loans for jeonse...
Finance Minister Hong Nam-ki said Wednesday the government will explore additional measures to curb household debt, including tighter lending rules at non-banking institutions, if needed.
Households will only be able to borrow as much money as their annual income as financial authorities try to curb the country’s growing household debt.
Commercial banks have abruptly hit the brakes on consumer loans. People facing hardship due to Covid-19 and those who relied on borrowing for housing and stock buying are panicking.NH Nonghyup Bank announced it won’t be extending...
Credit is being dramatically tightened, with some banks suspending new loans on orders from the financial authorities.
Loans to industry rose 14.0 percent on year in the first quarter with services leading, up 17.5 percent on year, according to a release from the Bank of Korea.
Financial Service Commission (FSC) Chairman Eun Sung-soo said the government will try to minimize the pandemic's impact on credit scores for small companies.
Loan rates at commercial banks are starting to rise, which could further stress borrowers amid the lingering effects of Covid-19 on the domestic economy.
Banks have agreed to the government proposal to extend the suspension of loans and interest payments for small and mid-size companies and small corner shops for another six months.
Starting Jan. 18, small shops struggling due to heightened social distancing measures will be eligible for government-backed loans offered at commercial banks with interest rates a maximum 2 percentage points lower than currently available.