http://www.syminvest.com
Source : THE DONG-A ILBO
Jul 2010
Seul, South Korea, July, 24 2010 – An investigation into finance companies began Friday after President Lee Myung-bak complained a day earlier that the companies are charging high interest rates while visiting a branch of a micro-finance foundation.
After a meeting with chief directors of micro-finance foundations at the Bankers Club in Seoul Friday, Financial Services Commission Chairman Chin Dong-soo told reporters that a probe will begin into finance companies imposing high interest rates on loans to individuals and devise countermeasures.
“A 30-percent interest rate is very high,” he said. “Through an in-depth investigation, we will devise measures to ease the burden on the working class.”
“The main operations of finance companies are leasing, installment financing and providing auto loans, but unsecured loans account for a significant share of their operations,” he added. “This means demand for livelihood funds and emergency loans is high in the market, but interest rates in the 30-percent level is excessive.”
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The marketing share of unsecured loans among finance companies is around five percent and the amount of extended loans is about three trillion won (2.5 billion U.S. dollars). The interest rate on loans for individuals at such companies is an annual average of 32.6 percent and the default rate is near the legal limit of 44 percent.
Financial authorities estimate that the financing costs of finance companies are five to nine percent and that bad debt reserves are more than five percent. Though costs for management and collecting from borrowers are included, the combined cost of financing is under 10 percent, making 30 percent excessive, they said.
To improve the interest rate systems of finance companies, the commission and the Financial Supervisory Service will soon set up a fact-finding team to analyze financing and marketing costs of such companies and conduct on-site investigations if necessary.
Financial authorities will also crack down on the illegal practice of paying high fees to loan collectors to increase their numbers.
Finance companies will also be encouraged to make interest rate cuts by removing handling fees similar to upfront interest. Generally, they impose around three percent of the loan amount as a handling fee.
Credit card companies, which had been at the center of controversy for charging high interest for cash services, eliminated handling fees early this month.
Separately, financial authorities will reduce the interest burden on the working class, who are excluded from institutional financing, by invigorating micro-finance and the “sunshine loan” system designed to lend startup and emergency funds to low-income households at low interest.
Chairman Chin said, “After the Asia-wide foreign currency crisis and the latest global financial crisis, the financial situations of low-income households with low credit ratings have gotten worse,” adding, “We should help the working class` finances to gradually allow a soft landing by expanding guaranteed sunshine loans.”
He also told the micro-finance chief directors, “I urge operators of micro-finance foundations to return to the basics and make every effort to help low-income households with low credit ratings.”
Watch the video related to finance companies
I’m Mario Ritter with the VOA Special English Economics Report, from voaspecialenglish.com | http Today we continue our report on the group of chemical elements known as rare earth metals. These are mined from the earth and used to make technology from mobile phones to missiles. The United States once led the world in rare earths. Today China controls almost all production. Premier Wen Jiabao says China will not use these metals as a diplomatic weapon. But Japan says exports meant for that country have remained at Chinese ports as a result of a recent dispute. The United States stopped mining rare earths in two thousand two. Companies blamed environmental rules and low-priced imports from China. But now exploration is moving forward again. Edward Cowle is president and chief executive of a company called US Rare Earths. He and his partners gained rights to some land in the American West about fifteen years ago. They had been interested in thorium — a radioactive element that can fuel nuclear reactors but not be processed into weapons. Mr. Cowle later found that the land also held a lot of rare earth metals — lately a subject of intense interest. The company has not started mining yet. It still has to get permits and work with other businesses to put operations in place. Ed Cowle says a lot of work remains. He says the earliest that they could open the mine would be in six to seven years. Another American company is Molycorp. Jim Sims, the public affairs director, says <b>…</b>
First you must put together an introductory letter and include your service in
detail as to what you charge per repo etc –
Mail it to all the auto sellers in your phone book – the letter is an advertising tool
to let them know you're around and available – and have some business cards
made up to send with the advertising material – this is the key
Make it presentable, realistic with the economic times now and you can be reasonable
with your charges for a while to gain some additional business – but it's not going to
work as fast as overnight but it will let them know you're around to help and that's the
main objective an advertising campaign is your best bet.
The governing body for financial institutions in the US is the Securities and Exchange Commission (SEC). But hedge funds are not included.
@Badjohn007 Where ya at, Tommy? It’s not like you to let me have the last word. Did I wear yo azz out? You didn’t get arrested, did you? Get caught in a drive by? Accidently shoot yourself in the leg with yo jammy up in duh club? Maybe you had to go to Armani to get your boy a new outfit so he looks good for his court date. Or maybe you realized you’re going no where with afrocentric lies about reality because I’m not dumb enough to buy them & smart enough to debunk it with simple logic &
@Badjohn007 reason. Hey BadTom, if Whitey is the destroyer & you muds are God’s gift to the earth, why is it that elephants, gorillas & tigers in Africa are all going extinct due to greedy sambo poachers? How come thousands of dirt poor Africans die just so jew jewlers can sell bling bling to rap stars to wear in their Mtv vids? Why is it always White christian missionaries asking for $ to go help build wells & feed starving tar babies in Darkest Africa? Hmmmmmm? I’d really like to know…
None. Your track record of paying back loans is dismal.
Yes, I agree that they should, the ones that have failed anyway and are effectively in government receivership. Why should a company be "too big to fail"? They've hurt the country, the world, their shareholders, all of us, so they can pay themselves huge salaries and bonuses. I say make them "too small to matter," and then if they bankrupt their companies through speculation they'll have to kiss their asses goodbye.
@gearboy12550 Furthermore, We taught you how to wash and rid your filthy bodies of lice. You invented fine perfumes to conceal the natural stench that emanates from your decaying insides. You are a savage, murderous people who have sought to erase all memory of your masters. The movie Planet of The Apes tells YOUR story well. That’s right Gearboy, the apes in the movie represented the barbaric white man and told YOUR story. How you subjugated your MASTERS and concealed the truth at all cost!
@Badjohn007 Egypt is in Africa. A+ for geography, BadTOM, too bad the rest of your argument scores an F. Like I told you in my last post BadTOM, AFRICAN doesn’t necissarily = nigger. AGAIN, LOOK AT THE SARCOPHAGOUS OF KING TUT, HE DON’ LOOK NIGGERISH. You know BadTOM, there ARE White people in Africa right now, & they’re just as African as your tar baby cousins that like to shower in cow urine & shit in the same streem they drink out of.
@Badjohn007 Yes, BadTOM, life began between the Tigris & Euphrates river, in the area once known as the fertile creseant, & this region is in modern day Iraq. & you’ve got it mixed up, your niggerized version of history are a perversion of the truth. No, Moses wasn’t a “high priest,” he was the equivalent to a financial advisor. Damn nigga, you dumb. I’m sorry, we Whites hate you blacks because you are a “reminder” to us? Could you remind me of what that reason is, I’ve forgotten, or better yet
@gearboy12550 I’ve been to Egypt and Nubia. I know the truth. You say life started in Iraq? More lies conceived to shift focus from the truth. All of your sources originate with lies meant to conceal who and what you are. Your bible is little more than a distortion of AFRICAN/EGYPTIAN theology. Was not Moses a high priest in Pharaoh’s kingdom? The 10 commandments are simply the negative confessions. Your very foundation is a LIE and you hate blacks for no other reason than we are a reminder.
BEST ANSWER: the term financial institutions are commonly used for finance companies only. But they are very large organisations. for example RBI, IDBI, sbi etc etc all the commercial banks, other government banks and credit providers. all these are registered companies only.financial system contains, financial institutions, finanial services, financial markets and financial financial products. financial companies are part of financial institutions.
@gearboy12550 Even Rousseau understood that all the envious white man viewed as primitive was actually the only way for humanity to live in harmony with the world. Research the Noble Savage or “Le Nom Sauvage.” Even your Bible teaches the MEEK shall inherit the Earth. I’ve been toying with your idiot ass. Your name calling amuses me considering the source. I know who you are and more importantly I know who I AM. You were born to shine my shoes. LOL!
No lender will talk to you unless you provide them with a valid business plan. Go to http://www.sba.gov , http://www.score.org or http://www.bplan.com for sample business plans and instructions on how to write a business plan.
Then, go to http://www.score.org/ and in the upper left hand corner, enter your zip code. On the next screen, you will get information on the nearest SCORE chapter. Call them and arrange for a free meeting with a SCORE counselor to review your business plan and discuss various loan options available to you.
SCORE is a nonprofit association dedicated to entrepreneur education and the formation, growth and success of small business nationwide. SCORE is a resource partner with the U.S. Small Business Administration (SBA).
SCORE has 389 chapters in locations throughout the United States and its territories, with 10,500 volunteers nationwide. Both working and retired executives and business owners donate time and expertise as business counselors.
@Badjohn007 you really knew that Scripture you’re reffering to you’d know there’s a little passage in it that says that it’s easier for a camel to pass through the eye of a needle than for a rich man to enter into the Kingdom of heaven. You better hire a tailor to sew you a fire resistant suite out of credit cards, checks & C-notes, beoyotch,
Focus on cleaning up your credit reports.
There are some amazing books that can help you.
I like Credit and Debt Repair for Dummies.
Available at any library or bookstore.
Forget the score for a while. Start focusing on those reports and what's in them.
Lenders don't focus on the 3 digit score – they will worship all three reports.
You can pay off items, and it will not incrase your score, but..
A future lender will see them as paid and act accordingly.
That is why you see people with horrendous scores getting homes sometimes.
They have done an amazing job at paying off items.
The book will tell you how to do it right.
While you are getting that book on Credit Repair, get another book on
First Time Home Buying
The book will tell you what to expect and what to look out for.
Note: Ideal scores are scores of 740 to 760 or above…
hi,my name is sarah.its very difficult to get loans from financial houses if u have bad debts.i had dis same problem a wile ago.bt luckly i got introduced to this loan firm dat offers long term payback and low interest rate.u can contact them at sallylenders@hotmail.com. am sue they can help you.
If you want to stay small you should be purchasing auto's at wholesale price and obtaining at least 70% of your investment in the form of a down payment.
@Badjohn007 didn’t know in the 1st place. I guess I must be way behind my fellow Whites who “secretly envy” you niggers. & if you were educated enough to know of the knoble savage theory, you ought to know that it’s complete bullshit. The meek might inherit the earth, but being a primitave savage doesn’t equate to meekness. You need to look up the word meek. Because it’s not generally a term associated with blacks. YO arrogant black azz sho nuff ain’ MEEK! Furthermore, mr. “I’m rich beoyotch” if