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If a Consumer Cash Loan is an interest accruing loan, it should be expressly provided for in the agreement. In the case where the principal sum of the loan amounts to KRW 100,000 or more, the parties to the agreement may freely agree on the interest rate, but such interest rate shall not exceed twenty percent (20%) per annum. A person who has received interest which exceeds the maximum interest rate shall be punished for violating the Interest Limitation Act.

Regarding your case, kindly refer to ‘Loan Agreement’ content (Loan Agreement | Easy to Find, Practical Law (easylaw.go.kr)) on this website which offers useful information related to the Agreement on Amount of Interest and Interest Rate.

For the specific information regarding your inquiry, please contact following institutions:

e-people
https://www.epeople.go.kr/petition/pps/pps.npaid

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