Korean Job Discussion Forums

[fence sitter]

Is it possible for a foreigner to get a bank loan in Korea? Apparently not. Even though I'm married, have a kid, a steady job, and a substantial amount of cash (well over 100mil), the bank refused to give me a loan (50 million, to be exact) for key money because my wife is not employed. The fact that I have lived here for almost 10 years makes no difference according to the bank. It's Oori bank, by the way.

[jeffkim1972]

One way around it is, if you start a company.

just a 유한 회사, don't need the 50Mil Won.

Then through the company, you can take out a loan, get credit cards, etc.

[fence sitter]

The wife says that's a company offering stock, and you must prove how much money you have. Correct?

[Pyongshin Sangja]

Ever gotten a woman a loan? It's awesome.

[dogshed]

I think we should start some kind of bank for foreigners.
Foreign Teachers Bank.

[Cheonmunka]

I know what you mean guys. When I wanted to invest pre-boom, I couldn't get the finance, yet a whole lot of Korean Americans did and so reaped reqards. Still pissed at that.

[fence sitter]

So basically, no one has been able to get a loan (under their name, not their spouses')?

[saw6436]

I got a loan last month to buy an Apartment. It took a bit of doing but Shinhan loaned me (not my Korean wife) the money. We both had to prove our income and employment history but no real problems.

[GoldMember]

How many times do I have to say this, until people get the message. Don't waste your time with Korean banks.

http://www.scfirstbank.com/newweb/index_eng.jsp

Check out the Standard Chartered website.

[fence sitter]

[Milwaukiedave]

I have heard of foreigners getting loans to buy an apartment in Korea. I recently got a credit card and am hoping to establish a little bit of credit in case we decide to stay.