Nowadays, we can see many lenders through TV advertising. We are able to contact with them. We can borrow money from lenders. And Lenders receive interest for us. Therefore, It is difficult to pay back the loan. Because there is plenty of interest. This is a serious problem in Korea.
Many people want to get money. But they do not have money. So They find lenders. And they borrow money. It's okay. And It work like a bank. However, many lenders have the desire.They also want to get more money. So they receive lots of money more than first money. So people who borrowed money will be bankrupt. So the government made the law. The law regulates interest. However, many lenders do not keep the law. Many of them receive more interest. What is the solution?
We discuss the solution. If lenders break the law, should make a big penalty.And the interest should be lower then now. In addition, the government should help people who borrowed money. It is important to the government's efforts. The government will continue to be concerned about this problem.
Private lenders take.a higher risk that they may not get back their money from clients. So it is right to impose higher interests to thier clients. But I think that is too high. And private lenders even beak the law imposing a higher interest than the maximum interest. They should do thier business inside of the law and otherwise penalties should be more strict than now.
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