Ruling Party and Government Promote 'Small Livelihood Loans'... Expand Eligibility for Safe Conversion Loans

Youth Jeonse Special Guarantee Limit to be Expanded from 100 Million KRW to 200 Million KRW

[Image source=Yonhap News]

[Asia Economy Reporter Koo Chae-eun] A loan system that lends small amounts of emergency living expenses is being promoted. The Safe Conversion Loan is expected to expand its target to housing prices up to 900 million KRW starting next year. A plan to increase the special jeonse guarantee limit for young people from 100 million KRW to 200 million KRW is also being pursued.

The People Power Party and the government held a party-government consultation meeting on the 6th and agreed on a plan to expand financial support based on these contents, People Power Party Policy Committee Chairman Seong Il-jong said in a briefing.

Chairman Seong emphasized the necessity of small emergency living expense loans, saying, "Many people may fall into illegal private loans due to loan delinquency, etc.," and added that the specific system design "will be reviewed by the government."

The Safe Conversion Loan will accept applications from the 7th by increasing the housing price requirement from 400 million KRW to 600 million KRW. The People Power Party requested to further expand this to 900 million KRW starting next year, and the government also decided to actively review this, Chairman Seong said.

The People Power Party requested that the special jeonse guarantee limit for youth be expanded from 100 million KRW to 200 million KRW. The government also decided to review this positively.

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