The business card, tossed w/ expert precision from a motorcycle as it sped away, landed at Park Chui-woo’s feet just as he was nearing the end of his wits.
The brightly colored card advertised quick low-interest loans, especially to small business owners.
latimes.com/world-nation/s…
Maxed out on all other lines of credit, Park, the owner of a small chain of coffee shops dialed, the phone number.
With that call 3 years ago, he entered the underground world of illegal private lending that tempts desperate South Koreans.
latimes.com/world-nation/s…
Soon, motorcycle-riding, tatted-up skinheads showed up to talk terms with Park. They dropped off a wad of cash and began coming by his store daily to collect interest, at an annualized rate of about 210%.
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Debt is the primary motivator for characters in the Netflix hit “Squid Game,” a dystopian drama series in which 456 participants who are heavy in debt fight to the death — literally — for a chance at a life-changing windfall of 45.6 billion won.
latimes.com/world-nation/s…
The South Korean series has resonated worldwide, tapping into growing economic fears and becoming the streaming service’s most popular release to date, with 111 million views in the first 28 days.
latimes.com/world-nation/s…
Official statistics don’t capture the illicit world of private lending turned to by Park & the protagonist of “Squid Game,” when they could no longer borrow from banks & registered lenders, whose loans are capped by law at an annual interest rate of 20%.
latimes.com/world-nation/s…
South Korea’s shadowy lending business is hard to quantify but appears ubiquitous. Cards & fliers advertising quick cash are readily seen on subway cars, bus stops & lamp posts. The gov regulator received nearly 300K reports of illegal lending ads in 2020.
latimes.com/world-nation/s…
Contracts that call for a kidney or eyeball in lieu of repayment are an intimidation tactic of yore and are no longer common.
Now, lenders demand the phone numbers of debtors’ relatives and friends in order to harass them if the debt isn’t paid on time.
latimes.com/world-nation/s…
Park said illegal creditors have been a lifeline to pay his employees and keep his shops open.
Read more from @vicjkim at latimes.com/world-nation/s…
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