Low-Credit Borrowers Eligible for Up to 3 Million Won...Gyeonggi Ultra-Low Credit Loan Last Application Deadline December 17

[Suwon Ilbo=Reporter Park No-hun] Gyeonggi Province will accept applications for the 'Gyeonggi Ultra-Low Credit Loan,' which provides low-income borrowers with low-interest loans of up to 3 million won, from December 9 to 17, marking the final application deadline for this year.

The support types include ▲examination loans ▲illegal private finance victim loans ▲credit crisis youth loans ▲livelihood crisis loans, totaling four categories. All types offer the same conditions: loan amounts up to 3 million won with a 5-year maturity and 1% annual interest rate.

Applicants for examination loans must reside in Gyeonggi Province as of the application date and be 19 years or older with a NICE credit score of 724 or below or a KCB credit score of 655 or below. Based on former credit rating standards, this corresponds to grade 7 or lower.

The illegal private finance victim loan targets victims of illegal debt collection practices. Support is provided following report registration at the Gyeonggi Province Illegal Private Finance Center and consultation results.

The credit crisis youth loan targets individuals under age 39 who are either delinquent for six months or more on student loans from the Korea Student Aid Foundation or have six months or more of debt restructuring through the Credit Counseling Foundation.

The livelihood crisis loan targets low-income residents of the province who received simple fine sentences but cannot pay due to financial difficulties.

Prospective borrowers can apply by making a prior reservation at the Gyeonggi Province Ordinary Citizens Finance and Welfare Support Center by December 17, followed by financial counseling and submission.

For detailed information on prior reservations and loan application procedures, applicants can contact the 'Gyeonggi Ultra-Low Credit Loan' dedicated call center (1661-3144, 1588-4413) or visit the Gyeonggi Welfare Foundation website (ggwf.gg.go.kr).

The Gyeonggi Ultra-Low Credit Loan program, which launched in March this year, has provided 41.612 billion won in loans to a total of 24,509 applicants as of the end of November.
The province plans to publish 'Walking Together. Ultra-Low Credit Loan Case Collection' this month, highlighting successful cases from the ultra-low credit loan program, and distribute it to district and county administrative welfare centers.

Moon Jeong-hee, Director of the Welfare Bureau of Gyeonggi Province, stated, "Going forward, we will continue to develop diverse policy finance initiatives and make our utmost efforts to realize Gyeonggi Province's inclusive ordinary citizens' finance and welfare system and bridge the financial gap."