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Data Shows Banks Reject Most Consumer Requests to Lower Loan Rates

If a person is promoted, earns a higher income or accumulates more assets, he or she has the legal right to demand that the bank or other lender lower the interest rate charged on the loan. But the latest data show that 7 out of 10 of his requests for rate cuts have been denied. According to data obtained from the Financial Supervisory Service (FSS) by ruling People’s Power Party lawmaker Yoon Chang-hyun, there were 882,047 applications from customers asking banks, including regional banks and online-only banks, to lower their lending rates. However, only 26.6% of such requests were approved by lenders.

https://www.koreatimes.co.kr/www/biz/2022/08/126_333929.html?utm_source=fl Data Shows Banks Reject Most Consumer Requests to Lower Loan Rates

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