South Korea’s financial regulator is stepping up efforts to combat the rise of illegal private lending tied to gambling-related debt, as authorities warn of increasingly severe exploitation targeting vulnerable individuals, including young adults and minors. (Image created by ChatGPT)
SEOUL, April 27 (Korea Bizwire) — For a man in his twenties, a single desperate loan marked the start of a brutal spiral. Borrowing 200,000 won with the promise to repay double just a week later, he soon found himself crushed by mounting debts.
When relentless collectors showed up at his daughter’s kindergarten, he saw no way out — and ultimately became part of the very organization that had entrapped him, forced to collect…
