Bucheon City to Accept Applications for Living Expense Loans for Low Credit Borrowers Below Grade 7 Starting from the 10th

[Asia Economy Reporter Park Hyesook] Bucheon City in Gyeonggi Province will implement the 'Gyeonggi Ultra-Low Credit Loan' program starting on the 10th, providing low-interest loans at an annual rate of 1% for living expenses to low-credit individuals with credit ratings of 7 or below.

The eligibility criteria require applicants to be residents of Bucheon City aged 19 or older with a credit rating of 7 or below (based on NICE Credit Information) as of the application date. If the conditions are met, emergency loans of up to 500,000 KRW can be granted without screening. General loans of up to 3 million KRW are available after consultation and screening, with a condition of lump-sum repayment at maturity within 5 years.

To prevent the spread of COVID-19, the city encourages online applications through the Gyeonggi Welfare Platform, but applications can also be submitted in person at the district administrative welfare centers. However, for Sosa-bon-dong, applications must be submitted at the Sosa-bon Resident Support Center.

On the first day of acceptance, the 10th, only applicants born in even-numbered years can apply, and on the second day, the 13th (Monday), only those born in odd-numbered years can apply. From the 14th onward, anyone can apply.

Application hours for both online and in-person submissions are from 9 a.m. to 6 p.m. on weekdays. For in-person applications, applicants must bring an ID card and a copy of a bankbook in their name.

For more details, inquiries can be made to the dedicated call center for the Gyeonggi Ultra-Low Credit Loan program at 1800-9198.

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