Gwangju Buk-gu, Raising Awareness to Eradicate Illegal Private Loans Among Youth

On the 31st, Buk-gu, Gwangju Metropolitan City announced that it will conduct an 'Illegal Private Loan Eradication Campaign' targeting local youth on the 4th of next month.

This campaign is organized with the participation of seven related organizations: the Korea Inclusive Finance Agency, Gwangju Bukbu Police Station, Chonnam National University, Financial Supervisory Service, Credit Recovery Committee, Gwangju Bank, and Smile Microcredit Gwangju Buk-gu Corporation. It aims to prevent damage from illegal private loans by delivering accurate information about policy-based inclusive financial products specifically to young people in their 20s and 30s.

The campaign will take place around Chonnam National University, where there is a high flow of young people. About 40 members, including the Buk-gu Inclusive Finance Supporters?formed in 2018 to promote healthy financial habits among residents?and officials from participating organizations, will spend about an hour distributing promotional materials and raising awareness about illegal private loans throughout the campus.

Additionally, at the Buk-gu Office plaza, a mobile counseling bus for inclusive finance will operate, providing consultations on debt adjustment and credit recovery to promote institutional financial support for low-credit individuals.

A Buk-gu official stated, "Young people with low credit ratings are especially vulnerable to the temptation of illegal private loans due to the prolonged economic downturn." He added, "We will continue to collaborate with related organizations to minimize and prevent residents' damages caused by illegal private loans and do our best to develop support policies that can help."

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