It may soon be easier for some people with low #credit rating scores to receive #loans from first-tier #banks, rather than resorting to higher #interest rate #alternatives.

It may soon be easier for some people with low credit rating scores to receive loans from first-tier banks, rather than resorting to higher interest rate alternatives. The Korean Financial Supervisory Service has said that five major commercial banks will reevaluate credit ratings using non-financial information. The change is expected to grant loans to some 200,000 people who had been denied previously. By 2020, more of Korea's major banks are expected to be on board with the new system, which should allow people to loosen their purse strings.