14. Government Support Measure for Low-income Earners

14. Government Support Measure for Low-income Earners

On-going effort to support low-income earners has been and still is one of the top priorities for the government. To help allay financial burden of those people who are using private lending service companies paying excessively high interest rate, 49% per annum, which is a lingering problem.  FSC will provide 10 trillion won in loans to below-average credit rating holders, with leverate of 5 times of the fund. Also FSC is going to lower the maximum interest rate private lenders can chard from current 49% to 39% within one year. To see more, please visit at visit at http://www.fsc.go.kr/eng/index.jsp

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About FSC Korea
The Financial Services Commission has been established for the purpose of protecting the integration of Korea’s financial markets by promoting sound credit system and fair business practices. To this end, the FSC serves as a consolidated policy making body for all matters pertaining to supervision of the financial industry as a whole. To raise the efficiency, the posts of the FSC Chairman and the FSS Governor were separated on March 2008 for clear distinction between policy-making and execution of financial market supervision

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