"Get 100,000 Won Interest~" Criminal Penalty for Lending Money on Danggeun Market

Complete Ban on Cash Transactions Regardless of Amount
Criminal Penalties for Violations of the Interest Rate Restriction Act

Used goods trading platform Danggeun Market announced on the 10th that it has added 'cash' to the list of prohibited items for secondhand transactions.

Recently, posts such as "I am short on the deposit. I will repay it with an interest of 100,000 won on payday in 3 days," and "I need urgent cash; if you lend me money, I will repay it with extra money" have been posted on the platform, causing controversy due to the high interest rates.

Among the posts requesting "lend me money," some proposed interest rates exceeding the legal maximum annual interest rate of 20%, sparking legal controversy. Even if the debtor offers a high interest rate first, it is still illegal. Ordinary individuals subject to the Interest Rate Restriction Act face imprisonment of up to one year or a fine of up to 10 million won. Lending money enticed by interest can lead to criminal punishment.

Danggeun Market stated that trading cash is prohibited regardless of the amount, and posts related to this will be hidden and may result in strong sanctions such as suspension of service use. If you find posts requesting monetary transactions, you can report them through the 'Report Post' feature.

Danggeun Market also warned that items easily convertible to cash, such as gift certificates or pure gold, can be exploited for fraud crimes. Additionally, sales posts for gold products such as gold bars exceeding 1 million won are restricted.

A Danggeun Market official said, "Most people know that borrowing or lending money on a used goods trading platform is not allowed, but since some users may not know, we have strengthened guidance," and emphasized again, "Even small amounts or without malicious intent, monetary transactions are not allowed in secondhand trading."