Gyeonggi-do and Government Take Action to Eradicate Online Illegal Private Loans

Province, Financial Supervisory Service, National Police Agency, and Financial Security Institute Jointly Conduct Inspection of 5 Online Loan Brokerage Sites
Starting Today...Crackdown on Illegal Personal Information Leakage, Illegal Loan Company Advertising, and False/Exaggerated Advertising
Strong Measures Expected if Violations Are Found... "Anticipated as an Opportunity to Strengthen Financial Consumer Personal Information Protection"

Gyeonggi Provincial Government Office building.

Gyeonggi Province, in collaboration with the Financial Supervisory Service, the National Police Agency, and the Financial Security Institute, began a joint inspection on the 26th of online loan brokerage sites located in Gyeonggi Province.

This action follows the government's announcement of plans to improve regulations and strengthen supervision of online loan brokerage businesses due to the continuous occurrence of illegal private loan damage cases through online loan brokerage sites.

The joint inspection primarily targets five online loan brokerage sites registered in Gyeonggi Province, focusing on cracking down on illegal personal information leaks, illegal advertising on behalf of illegal private loan companies, and false or exaggerated advertisements. They also plan to closely examine illegal activities related to illegal private loan connections and illegal distribution of personal information reported to the complaint center.

If any violations are detected, the respective companies will face penalties such as fines and business suspension according to relevant laws, and serious violations may lead to investigations upon referral.

Gyeonggi Province intends to share the results of the joint inspection with other local governments and continue to strengthen cooperation among related organizations to prevent damages caused by illegal private loans and illegal activities by loan providers.

Kim Gwang-deok, Director of the Regional Finance Division, stated, “As illegal private loan damages through online channels continue to occur, following last year’s joint inspection of loan brokerage platforms, we are conducting another joint inspection this year. We hope this joint inspection will serve as an opportunity to eradicate illegal private loans and further strengthen the protection of financial consumers' personal information.”

Meanwhile, financial consumers who suffer damages from illegal private loans while using online loan brokerage sites can secure evidence such as damage details and report to the Gyeonggi Province Illegal Private Loan Damage Report Center (gfrc.gg.go.kr) or the Financial Supervisory Service website (www.fss.or.kr).

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