Financial Authorities Launch ‍Comparative Disclosure Service for Individual ⁤Business Loans

Financial authorities are set to introduce a ‌service​ that ⁢enables small business owners to compare⁣ interest rates for individual ⁢business loans, making it easier⁣ for them to​ choose the most advantageous products.

The Financial Services Commission ‌and the‍ Financial Supervisory Service are preparing a comparative disclosure service for individual business loan products sold by financial​ companies. This service is expected‍ to be launched in early December, following a preliminary notice period.

The comparative disclosure‌ service will allow individual business ‍owners to⁣ compare key features of​ loan products,‌ including average monthly repayment amounts, highest and lowest interest rates, and ⁢detailed product information such as ⁤early repayment fees, preferential interest rate​ requirements, and loan limits.

This service ​is‍ an extension of the comparative disclosure services⁣ already‌ provided ⁤for housing mortgage loans, jeonse ‌funds loans, and personal credit loans. The Financial Supervisory Service will reflect ‘individual business loan products’ in⁣ the⁢ financial products subject to ⁢comparative disclosure under⁣ the ‘Financial Consumer Protection Act’.

According⁤ to a Financial Services Commission official, “We expect that individual business ​owners will be able to easily compare various ‌loan products and choose reasonable loan products, ‍reducing the time and cost required for comparison.”

The comparative disclosure service will be available on the Financial Supervisory Service’s online homepage, allowing individual business owners to make informed decisions about⁤ their finances.