Gyeonggi Special Judicial Police to Hold Illegal Private Lending Prevention Education and Campaign at 10 Universities in the Province

In order to prevent the growing damage caused by illegal private lending, Gyeonggi Province will launch a campaign targeting young people in their 20s and 30s, including educational sessions on case studies and a promotional campaign, starting from June 10.

The Gyeonggi Provincial Special Judicial Police announced on June 8 that they will begin with a case-based educational session on illegal private lending prevention at Yeonam Hall, Ajou University, on June 10. The promotional campaign will then be held at 10 university campuses across the province until June 13.

The prevention education will cover different types of financial fraud, prevention and response strategies, and reporting procedures. The sessions will use intuitive methods such as PowerPoint presentations and videos.

Gyeonggi Provincial Government

The prevention campaign will visit 10 university campuses in the province, including Jangan University and Shinhan University, to raise awareness about the risks of illegal private lending and how to respond. The campaign will focus on areas populated by new employees and job seekers who are particularly vulnerable to illegal loans, and will include activities such as operating temporary counseling booths, providing information on actual cases, explaining how to report or tip off illegal activities, and distributing promotional materials. On-site damage reporting and guidance on relief agencies will also be provided.

This initiative is being conducted as a preemptive measure ahead of the enforcement of the amended Lending Business Act, which will take effect on July 22. The amended law includes strong sanctions to eradicate illegal private lending, such as invalidating loan contracts with interest rates exceeding three times the legal maximum and strengthening penalties for unregistered lending businesses and interest rate violations.

Ki Ido, head of the Gyeonggi Provincial Special Judicial Police, stated, "Temptations of illegal loans through online communities or social media can lead to serious social problems. Through this campaign, we aim to raise awareness about private lending and strengthen the ability of young people to respond, thereby proactively preventing damage." He added, "Through case-based education and tailored promotional efforts, we will protect the financial stability of provincial residents. In the event of damage, we will lead the way in establishing a 'prevention first, support later' system through intensive investigations and victim relief."