Shinhyup, '815 Liberation Loan'... Cumulative Handling Amount Approaching 400 Billion Won

Shinhyup 815 Liberation Loan Promotional Material. Photo by Shinhyup Central Association

[Asia Economy Reporter Song Seung-seop]The scale of the 'Shinhyup 815 Liberation Loan' has been found to be approaching 400 billion KRW just two years after its launch.

According to the National Credit Union Federation of Korea, as of the end of August, the cumulative amount handled by the Shinhyup 815 Liberation Loan reached 380.5 billion KRW. The cumulative number of users recorded was 43,323.

This product was launched in August 2019 targeting low-income earners, self-employed individuals, and office workers suffering from high-interest loans. It is a mid-interest loan product where Shinhyup lends or refinances up to 10 million KRW at an annual interest rate between 3.1% and 8.15%.

Kim Yoon-sik, Chairman of the National Credit Union Federation of Korea, emphasized, “The Shinhyup 8.15 Liberation Loan is a symbolic product aimed at supporting financially vulnerable groups through inclusive finance,” adding, “We will support those suffering from high-interest loans to break free from the burdens of overwhelming debt and enable them to engage in normal economic activities.”