In South Korea, there has been a notable rise in the use of instalment payments, and this is set to continue moving forward, as consumers increasingly turn to this option amidst ongoing economic challenges. Many individuals have been feeling the strain of lump-sum payments, especially as the economic downturn persists.
Recently, there has been a noticeable surge in the demand for small-value credit loans in South Korea, particularly from savings banks, and this is likely to be a trend which continues into the forecast period. These financial institutions aim to enhance the financial convenience of ordinary individuals and small to medium-sized enterprises (SMEs) by offering higher deposit rates and more accessible lending services compared with traditional commercial banks.
Recently, South Korea experienced a significant increase in loan interest rates, primarily driven by decisions made by commercial banks. In an effort to manage rising household debt levels, these banks started raising interest rates.
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Understand the latest market trends and future growth opportunities for the Consumer Credit industry in South Korea with research from Euromonitor International's team of in-country analysts – experts by industry and geographic specialisation.
Key trends are clearly and succinctly summarised alongside the most current research data available. Understand and assess competitive threats and plan corporate strategy with our qualitative analysis, insight and confident growth projections.
If you're in the Consumer Credit industry in South Korea, our research will help you to make informed, intelligent decisions; to recognise and profit from opportunity, or to offer resilience amidst market uncertainty.
Consumer Credit
Non-mortgage consumer debt extended to individuals for personal or household use including installment loans and credit cards. Examples of consumer credit include auto lending, card lending, durables lending, education lending, home lending and other personal loans. Consumer credit includes both revolving and non-revolving credit.
See all of our definitionsThis report originates from Passport, our Consumer Credit research and analysis database.
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