Gyeonggi-do Accepts Applications for 3 Million Won 'Ultra-Low Credit Loans' Until the 17th

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province is accepting the final applications for this year’s 'Gyeonggi Ultra-Low Credit Loan,' which provides up to 3 million KRW at low interest rates to low-credit individuals facing financial difficulties, from the 9th to the 17th.

The ultra-low credit loan support types include ▲Screened Loan ▲Illegal Private Loan Victim Loan ▲Credit Crisis Youth Loan ▲Livelihood Crisis Loan, totaling four categories. Eligible applicants can receive loans up to 3 million KRW with a 5-year term at an annual interest rate of 1%.

The Screened Loan is for residents of Gyeonggi Province aged 19 or older with a NICE Credit Information credit score of 724 or below, or a KCB credit score of 655 or below. Under the previous credit rating system, this corresponds to grade 7 or lower.

The Illegal Private Loan Victim Loan is for victims of illegal debt collection and other damages, determined after reporting to the Gyeonggi Illegal Private Loan Center and subsequent consultation.

The Credit Crisis Youth Loan targets youth under 39 years old who have been delinquent on Korea Student Aid Foundation student loans for six months or more, or have had debt adjustment through the Credit Recovery Committee for six months or longer.

The Livelihood Crisis Loan is for low-income residents who have been sentenced to simple fines and are unable to pay due to financial hardship.

Applicants wishing to apply must make a prior reservation at the Gyeonggi Province Financial Welfare Center and undergo financial counseling before submitting their application by the 17th. For detailed information on prior reservations and loan application methods, please check the dedicated 'Gyeonggi Ultra-Low Credit Loan' call center or the Gyeonggi Welfare Foundation website.

Since launching the Gyeonggi Ultra-Low Credit Loan program in March this year, the province has supported a total of 24,509 people with 41.612 billion KRW in loans as of the end of November. The province plans to publish a collection of outstanding cases titled 'Walking Together: Ultra-Low Credit Loan Casebook' within this month.

Moon Jeong-hee, Director of the Welfare Bureau of Gyeonggi Province, emphasized, "We will continue to develop various policy finance projects to realize inclusive financial welfare for all residents of Gyeonggi Province and to eliminate financial blind spots."