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
Programa Em Foco, da MIBR.TV, com o AWP Gabriel “FalleN” Toledo, que na última semana anunciou seu retorno ao Firegamers ao lado de seus companheiros que estava no compLexity. Na entrevista, ele contou o início de sua carreira, falou sobre seu reconhecimento nacional e internacional e ainda deu sua opinião sobre cogu e Esenin. Data: 19/5/2011
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this has all exel and word courses
@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…
@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.
@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.
@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!
@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 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 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
@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,