1. Of the judgment of the court of first instance, the part against the defendant in excess of the following amount ordered to be paid shall be cancelled.

1. Facts of recognition;

A. On August 7, 2009, the Defendant borrowed 4,000,000 won from the Hepishing loan registered under the Act on Registration of Credit Business, etc. and Protection of Finance Users (hereinafter “Credit Business Act”) at an annual interest rate of 48.6% per annum, overdue interest rate of 49% per annum, the date of expiry of the loan, August 6, 2014, the date of repayment, the 25th day of each month, and the five-year automatic extension (Renewal) in the absence of any particular declaration of intention by the parties at the expiration of the period.

B. If the Defendant appropriated the amount repaid by the Defendant from August 7, 2009 to December 4, 2013 as the interest and the principal by applying the interest rate of 48.6% per annum under the instant monetary loan agreement and the overdue interest rate of 49% per annum, it shall be calculated that the principal remains 3,977,243 won as of November 17, 2013.

C. On March 28, 2014, Hishing Loan Co., Ltd. transferred the above loan claims against the Defendant to the Plaintiff, and around that time, served a notice to the effect that the aforementioned assignment of claims was notified to the Defendant.

[Ground of recognition] Unsatisfy, Gap evidence 1 to 3

2. Determination

A. In accordance with the above facts of recognition, the Defendant is obligated to pay the Plaintiff who acquired the above claim the interest or delay damages from November 18, 2013, pursuant to the instant monetary loan agreement, extended five years as of August 7, 2014, to the Plaintiff who acquired the said claim.

B. Meanwhile, the Plaintiff sought the payment of interest calculated at the rate of 48.6% per annum, which is the agreed interest rate, on the above loans, and this is examined.

The highest interest rate stipulated in the Credit Business Act is applicable to credit service providers registered credit service providers and credit financial institutions. The former Credit Business Act (amended by Act No. 9344, Jan. 21, 2009) and the Enforcement Decree of the same Act (amended by Presidential Decree No. 21673, Aug. 5, 2009) set the highest interest rate at 49% per annum. However, the former Credit Business Act (amended by Act No. 12156, Jan. 1, 2014) and its Addenda (amended by Act No. 12156, Jan. 1, 2014) and subsequent amendments thereto.