Financial-Employment and Welfare Linked Low-Income Financial Platform 'Itda' Launches on the 30th

On the 30th, the comprehensive financial platform for low-income earners, 'Seomin Geumyung Itda,' which supports the entire process from searching for private and policy-based low-income financial products to loans, and provides linked complex consultation services such as employment and welfare remotely, will be officially launched.

On the 27th, citizens visiting the Jung-gu Central Microfinance Integrated Support Center in Seoul applied for loans from a small living expense loan product offering up to 1 million won with an annual interest rate of up to 15.9%. Photo by Jinhyung Kang aymsdream@

On the morning of the 27th, the Financial Services Commission held a meeting at the Seomin Financial Promotion Agency in Jung-gu, Seoul, chaired by Chairman Kim Joo-hyun, together with related ministries and agencies including the Ministry of Employment and Labor, the Ministry of the Interior and Safety, and the Ministry of Health and Welfare, to unveil Seomin Geumyung Itda and announce the 'Financial, Employment, and Welfare Complex Support Plan.'

First, on this day, the financial authorities and related agencies unveiled Seomin Geumyung Itda, a comprehensive financial platform for low-income earners. On Seomin Geumyung Itda, users can check the types of private and policy-based low-income financial products available to them with a single inquiry without the complicated document submission process, compare interest rates and limits, and select the loan product that suits them. Also, on Seomin Geumyung Itda, users can collectively check financial companies where loans can be executed with the guarantee certificates issued to them.

The products linked through Seomin Geumyung Itda will start with 72 products including Saehope Holssi, Sa-itdol loans, and private low-income financial products, and will gradually expand. Additionally, users who use private financial companies' applications will be guided to use low-income financial services through Seomin Geumyung Itda when necessary, promoting two-way linkage through consultations with financial companies.

Seomin Geumyung Itda supports not only the inquiry and loan of low-income financial products but also complex consultations linked with employment and welfare. Previously, complex consultations related to employment, welfare, and debt adjustment, which could only be received by visiting the Seomin Financial Integrated Support Center, will now be available remotely, and customized linked services will be recommended according to the user's situation. For example, employment support systems for stable income will be linked for those who are unemployed or have unstable jobs, welfare for low-income individuals, and debt adjustment for those in arrears.

Post-management (A/S) necessary for users' sound financial life will also be supported. Previously, non-financial services such as credit and debt management consulting were only provided to those who received loan counseling before using policy-based low-income financial products such as small living expense loans, but from now on, even after receiving loans, changes in users' financial situations such as credit score fluctuations and arrears on loans from other institutions will be monitored in advance to provide necessary financial education and consulting, including prevention of illegal private loan damage and guidance on debt adjustment systems.

The financial authorities also prepared additional financial, employment, and welfare complex support plans together with related agencies. As a new support plan, credit and debt management consulting services will be provided to those who newly found employment after receiving employment support services at the Seomin Financial Integrated Support Center without using policy-based low-income financial products.

To improve accessibility to complex support services, the number of dedicated personnel handling complex support service requests at the Seomin Financial Call Center will be more than doubled from the existing 2 to over 5, and related education will be newly established and strengthened for employees of the Seomin Financial Integrated Support Center and welfare officials of local governments.

Also, the target for guidance between the Seomin Financial Integrated Support Center and the Mental Health Welfare Center, which was previously limited to suicide risk groups, will be expanded to customers (citizens) in need of psychological counseling. The Seomin Financial Integrated Support Center will strengthen guidance on the Ministry of Health and Welfare's welfare membership (customized benefit guidance), and financial incentives will be provided to welfare membership subscribers. Furthermore, two types of crisis information related to policy-based low-income finance (such as rejection records of relatively vulnerable borrowers for low-income finance, and whether delinquent borrowers use policy-based low-income finance) will be added to the blind spot detection system to be utilized by the Ministry of Health and Welfare and local governments in discovering welfare crisis households.

In addition, to effectively support victims of illegal private loans, from next year, legal services will be provided through the Korea Legal Aid Corporation's legal aid platform to low-income financial users confirmed or suspected to be victims of illegal private loans. Other measures include strengthening the linkage of computer systems between the Seomin Financial Integrated Support Center and Employment Welfare Center, enhancing mental health support, and mutual education reinforcement.

Chairman Kim said, "I ask for special cooperation to ensure the successful implementation of the low-income financial policies announced today," and added, "We will continue to strive to alleviate financial difficulties of low-income and vulnerable groups and to promote their economic self-sufficiency."