Illegal Private Lending Crackdown Finds Half of Victims in Their 20s and 30s

A six-month special crackdown on illegal private lending found that about half of the victims were people in their 20s and 30s. The damage continued as contactless and online illegal lending spread, especially among young borrowers with low credit. According to the original report, one scheme disguised loans as advance gift-certificate sales: borrowers received 350,000 won and were forced to repay 500,000 won in mobile gift certificates ten days later. More than 300 people were affected by this method. As young people with high online exposure and low-credit borrowers have become key targets, continued caution is needed over online loan ads and irregular repayment demands even after the crackdown. Source: mk.co.kr