Number of private money lenders slightly down in H1

By Yonhap

Published : Dec. 26, 2019 - 16:13

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The number of private money lenders in South Korea edged down 0.2 percent in the first half of the year from six months earlier, data showed Thursday.

The number of registered private money lenders and brokers reached 8,294 as of the end of June this year, down 16 from six months earlier, according to the data from the Financial Supervisory Service.

The total amount of outstanding loans by private lenders was 16.7 trillion won ($14.3 billion) at the end of June, down from 17.3 trillion won six months earlier, the FSS said.

(Yonhap)

Outstanding loans by private lenders have been on the decline since June 2018.

Users of private money lenders tend to be those whose credit ratings are too low to qualify for bank loans.

The number of people who borrowed money from private lenders stood at 2 million at the end of June, compared with 2.21 million in December last year, the FSS said. (Yonhap)

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Number of private money lenders slightly down in H1

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