Loan sharks in South Korea are continuing to lend money to teenagers with gambling addiction, according to a recent report by Chungnam Ilbo. This comes despite a months-long government crackdown, with lenders continuing to issue high-interest “proxy loans” to minors in the country.
The report claims that these illegal operators “primarily” target teens who need fast cash to pay for online gambling or attend K-pop concerts. Many of these lenders operate through encrypted online platforms, advertising small, easy-to-obtain loans that often spiral into crippling debt.
Illegal ‘proxy loans’ fuel teen gambling debt
The Financial Supervisory Service (FSS), a financial regulator in South Korea, has been…