1.The judgment of the first instance shall be modified as follows:

The defendant shall pay to the plaintiff succeeding intervenor KRW 3,510,49 and one of them 1,203.

1. Facts of recognition;

A. On September 24, 2010, the Defendant received a loan with an interest rate of KRW 2,000,000 from Industrial Complex Loan Co., Ltd. (hereinafter “Industrial Complex Loan”) at the rate of 43.8% per annum and overdue interest rate, and on November 14, 2012.

(hereinafter “instant loan”). (b)

on December 26, 2013, Industrial Complex Loan transferred the instant loan claim to the Plaintiff, and notified the Defendant of the transfer of the instant loan claim around the same time. On September 11, 2017, when the lawsuit of this case was pending, the Plaintiff transferred the instant loan claim to the Intervenor succeeding to the Plaintiff, and notified the Defendant of the transfer of the said claim on October 10, 2017.

C. Meanwhile, as of June 7, 2017, the instant loan claims amounting to KRW 1,203,710 as principal, overdue interest and delay damages amounting to KRW 2,306,789 in total, KRW 3,510,49 remains.

[Ground of recognition] Facts without dispute, entry of Gap evidence 1 to 5, purport of the whole pleadings

2. According to the above facts of determination, the Defendant is obligated to pay damages for delay calculated at the rate of 43.8% per annum from June 8, 2017 to the date of full payment, as to the Plaintiff’s succeeding intervenor who received the instant loan claim in succession, and the principal amount of KRW 3,510,49, and the principal amount of KRW 1,203,710, among them, to the Plaintiff’s succeeding intervenor who received the instant loan claim in succession, barring special circumstances.

The defendant asserts that the overdue interest rate of this case exceeds 25% per annum, which is the limitation interest rate under the Interest Limitation Act.

According to Article 7 of the Interest Limitation Act, the Interest Limitation Act shall not apply to financial business and credit business for which authorization, permission, and registration has been completed in accordance with other Acts and unregistered credit service providers under Article 9-4 of the Act on Registration of Credit Business, etc. and Protection of Finance Users (hereinafter “Credit Business Act”). However, there is no dispute between the parties concerned as to both mountain loan and the facts that the Plaintiff and the Intervenor succeeding to the Plaintiff are registered credit service providers to whom the Loan Act applies, and thus, the Loan Claim in this case is governed by the Interest Limitation Act.