Gov’t and ruling party plan to lower max interest rate from 24% to 20% Updated: 2020-11-16 13:19:03 KST

The maximum interest rate allowable by law in South Korea could be lowered from the current 24 percent down to 20 percent.
Possible measures were discussed on Monday by the government and the ruling Democratic Party.
The Democratic Party’s floor leader said ordinary people are having a hard time paying such high rates, especially in the pandemic, and that those rates aren’t appropriate to the current environment of extremely low interest rates.
Even with a lower rate, the floor leader said they would work to keep the supply of credit loans steady.
The maximum rate was lowered to the current level two years ago from 30 percent.