President Lee: "Usury and Gambling Are Signs of National Decline... Finance Must Fulfill Public Responsibility"

President Lee Jae-myung emphasized on May 14 that loans exceeding the legal interest rate are invalid, pledging to expand financial services for ordinary citizens.

On this day, President Lee released the results of the special crackdown on illegal private lending through his X account (formerly Twitter). The government arrested 1,553 individuals involved in illegal private financing over a six-month period from November 3, 2025, to April 30, 2026, and detained 51 of them.

President Lee Jae-myung is speaking at the K-Shipbuilding Future Vision Meeting held at Hotel Hyundai by Lahan Ulsan on May 13, 2026. Photo by Yonhap News.

President Lee explained, "Loans with interest rates exceeding the legal limit are invalid. If the interest rate (regardless of whether it is nominal or not) is 60% or higher, even the principal is void." He added, "There is no need to repay such loans, and lenders who provide them are subject to criminal penalties. Unlicensed lending businesses will also be punished."

President Lee further remarked, "Usury and gambling are signs of national decline. While finance operates in the private sector, it is a quasi-public business based on the state’s currency-issuing authority and monopolistic licensing, so public responsibility must be fulfilled."

He then promised, "We will swiftly and to the fullest extent secure financial services for ordinary citizens and inclusive finance."

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