Shinhyeop "815 Liberation Loans, Totaling 490.9 Billion Won... Relieving Debt Burden for Over 50,000 People"

[Asia Economy Reporter Bu Aeri] The National Credit Union Federation of Korea announced on the 12th that it has alleviated the burden of over 50,000 low-income people through the 815 Liberation Loan over the past three years.

The 815 Liberation Loan was launched on Liberation Day in 2019 to reduce the debt burden of low-credit and low-income groups. It offers refinancing or new credit loans with mid-interest rates ranging from 3.1% to 8.15% per annum for up to 5 years, with a maximum of 10 million KRW per person, targeting low-income individuals, self-employed workers, and office workers.

As of the end of last month, the National Credit Union Federation of Korea stated that it has handled a cumulative total of 490.9 billion KRW in 815 Liberation Loans, assisting 51,714 financially vulnerable people.

On average, about 620 credit unions nationwide have handled this loan annually, with an average interest rate of 6.2%.

A representative from the Credit Union said, "The Korea Credit Union started in 1960 after the armistice with 100,000 KRW collected bit by bit by 27 citizens to eradicate the high-interest private loans that were rampant in Korean society at the time. We will continue to strive to practice inclusive finance without forgetting the spirit of self-help and self-reliance that built the current Credit Union community of 873 unions nationwide with assets totaling 134 trillion KRW."

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