Borrowers from moneylenders total 2.5m in Seoul

The number of South Koreans who borrowed money from private moneylenders totaled 2.5 million last year, a report said Sunday, estimating the nation's private loan market at 8 trillion won (US$7.46 billion). The report issued by the Consumer Loan Finance Association said that the number of borrowers from private moneylenders has risen from 1.43 million in 2009 to 2.52 million in 2011 before slightly falling to 2.5 million in 2012. The amount of outstanding debts owed to private moneylenders amounted to 8.69 trillion won at the end of last year, slightly down from 8.7 trillion won in 2011, said the report released to celebrate the association's 10th anniversary.