In This Situation, Illegal Loans Scamming Ordinary People Surge... KakaoTalk Open Chat "Quick Cash Within 5 Hours OK"

Entering the 'Approval Within 5 Hours' Chatroom, They Ask for Personal Info Like Age, Name, Contact
After Lending 500,000 Won, You Must Repay 850,000 Won in 20 Days
Illegal Lenders Exploit Struggling Self-Employed and Ordinary People Amid COVID-19... Tempting Quick Cash

[Asia Economy Reporter Gong Byung-sun] "Age, name, place of residence, contact information, how much money do you need?" On the morning of the 7th, when the reporter entered a KakaoTalk open chat room named 'Same-day loan approval within 5 hours / Urgent money loan,' someone immediately asked for personal details. After briefly explaining the personal information and stating that 'I need 500,000 won,' the reply was, "If you borrow 500,000 won, you have to repay 850,000 won after 20 days." This means paying interest equivalent to 70% of the principal in just 20 days. The person, who appeared to be an illegal lender, also made a 'power trip'-like remark, saying, "If you keep acting like this, it will be difficult to give you the money quickly," when the reply was slightly delayed.

Amid the growing hardships of ordinary citizens and self-employed people due to the aftermath of the novel coronavirus disease (COVID-19), it has been revealed that such illegal loan transactions are openly taking place in KakaoTalk open chat rooms. Searching for 'urgent money' in open chat reveals countless loan-related chat rooms. This means that illegal private loans and loan scams are infiltrating the pockets of ordinary people through mobile messengers used by almost the entire population.

By entering keywords such as 'urgent money,' 'unemployed,' and 'university student' on major portal sites, illegal loan open chat rooms can be easily found. Notices mainly target unemployed individuals and the self-employed for loans. Additionally, phrases like 'Anyone over 19 years old can apply' and 'Not a loan' are used to easily lure people in.

Repaying Interest Equivalent to 70% of Principal in 20 Days
Some Demand Document Fees and Then Disappear

Most illegal lenders in open chat rooms are presumed to demand exorbitantly high interest rates far exceeding the legal limit. It is also known that there are quite a few cases where they demand document fees or brokerage fees and then disappear. On an online community, there was a post complaining that after paying a document fee during the loan process in an open chat room, the contact was lost.

When the reporter asked in an open chat room whether there was a separate document fee, the lender did not specify an exact amount but explained, "It varies depending on the product."

It has also been identified that a similar loan method called 'Pontek' is rampant. Pontek involves opening a mobile phone contract under one's name and then handing it over to the lender in exchange for money. It is pointed out as a similar loan with a high risk of personal information leakage. When the reporter inquired about loans in another open chat room, the explanation followed: "Ponkang (Pontek) and small payment cash conversion loans are all available."

An official from the Financial Supervisory Service said, "Due to the nature of illegal loans and loan scams, there are indeed limitations in inspections and sanctions," adding, "Especially, activities conducted in KakaoTalk open chat rooms are even more difficult to trace." The official continued, "We are continuously monitoring to prevent loan scams occurring everywhere," and urged, "It is crucial that financially vulnerable consumers such as the self-employed do not approach these scams carelessly."

This content was produced with the assistance of AI translation services.