Lee Jae-myung: "Ultra-low Credit Loans Must Be Supported for Those Who Truly Need Them"

[Asia Economy (Suwon) = Reporter Lee Young-gyu] Lee Jae-myung, Governor of Gyeonggi Province, described the 'Ultra-Low Credit Loan' program, which has been in effect since the 10th, as a project that discovers and supports people facing desperate situations, urging efforts to ensure that funds are provided to those who truly need them. He also stated that he will strive to develop better welfare policies.

On the 16th, Governor Lee visited the Hwaseo 2-dong Administrative Welfare Center in Suwon City, the reception site for the 'Gyeonggi Ultra-Low Credit Loan,' to encourage staff and exchange opinions with officials from the credit loan program executing agencies for smooth project progress.

On that day, Governor Lee emphasized, "This project is truly about discovering and supporting people who are in desperate situations where serious problems could occur immediately," adding, "Please minimize the screening process and focus on finding and supporting those who really need help."

He continued, "Until now, efforts have mainly focused on preventing harassment of people who borrow money and cannot repay it," and said, "This (Ultra-Low Credit Loan) project is a new area between finance and welfare, so let's not think this is the end but continue to design better directions," indicating his intention to continuously develop the project.

The Gyeonggi Ultra-Low Credit Loan is a support program implemented nationwide for the first time to assist residents with low credit scores. Residents aged 19 or older with a credit rating of 7 or below can receive an emergency loan of 500,000 KRW at 1% annual interest with a 5-year term without screening, provided they meet the residency requirement in Gyeonggi Province. Screened loans are available up to 3 million KRW.

Since the 10th, applications have been accepted simultaneously online through the Gyeonggi Welfare Platform (ggs-loan.ggwf.or.kr) and in person at eup, myeon, and dong administrative welfare centers.

As of the 14th, 18,355 people applied for the 500,000 KRW emergency loan without screening. For the screened loans up to 3 million KRW, 7,312 people applied and are currently undergoing screening.

The first application period runs until the 17th, and the second application period will resume from the 27th. The total support amount for this project is 50 billion KRW.

On this day, Governor Lee met with representatives of the credit loan program executing agencies to discuss the smooth promotion of the project.

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