Gyeonggi-do to Implement Annual 1% 'Ultra-Low Credit Loan' from the 10th...Nation's First

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Gyeonggi Province will launch the nation's first "Ultra-Low Credit Loan" starting on the 10th to support residents with low credit scores.

The support targets residents aged 19 or older who reside in Gyeonggi Province as of the application date and have a credit rating of 7 or lower (based on NICE Credit Information).

If the credit rating and Gyeonggi residency conditions are met, applicants can receive an unsecured loan of up to 500,000 KRW with an annual interest rate of 1% and a 5-year maturity. One extension is possible, and after screening, loans up to 3 million KRW are available.

Online applications can be submitted starting on the 10th through the Gyeonggi Welfare Platform (www.ggwf.or.kr).

To prevent initial confusion during the application process, applications will be accepted on an odd-even basis for the first two days. On the first day, the 10th, residents born in even-numbered years can apply, and on the second day, the 13th, residents born in odd-numbered years can apply. From the 14th onward, anyone can apply.

Additionally, in-person applications are possible at administrative welfare centers in towns, townships, and neighborhoods within the province. The odd-even system will also apply for the first two days of in-person applications (10th for even, 13th for odd), and from the 14th, anyone can apply.

Application hours for both online and in-person submissions are weekdays from 9 a.m. to 6 p.m.

For detailed application procedures and inquiries, applicants can use the dedicated call center for the "Gyeonggi Ultra-Low Credit Loan Project" (1800-9198), which has been operating since the 6th.

Earlier, on the 20th of last month, the province announced the "COVID-19 Response Emergency Supplementary Budget," allocating a budget of 50 billion KRW for small loans to Gyeonggi residents with credit ratings of 7 or lower who are struggling financially due to COVID-19.

Lee Byung-woo, Director of the Welfare Bureau of the province, stated, "This project was quickly implemented to prevent financially vulnerable groups, who are facing even greater difficulties due to COVID-19, from falling into high-interest or illegal private loans. We will continue to strive to build a social safety net that guarantees a minimum standard of living even for those with low credit ratings."

This content was produced with the assistance of AI translation services.