“Gyeonggi Ultra-Low Credit Loan 2.0” Applications Close in 30 Minutes... 2,200 Apply

The first round of applications for “Gyeonggi Ultra-Low Credit Loan 2.0,” which Gyeonggi Province launched on February 11, closed early just 30 minutes after opening. Gyeonggi Province analyzed that demand was concentrated among residents who needed emergency funds around the Lunar New Year holidays due to the impact of high inflation and high interest rates.

According to Gyeonggi Province, a total of 8,984 people visited the Gyeonggi Civil Complaints 24 website, the application portal for Gyeonggi Ultra-Low Credit Loan 2.0, during the 30 minutes after applications opened at 9:00 a.m. that day. Interest was so strong that the maximum number of concurrent users reached 3,434.

Gyeonggi Province will provide a total of 5.5 billion won in ultra-low credit loans in the first half of the year through two rounds in February and May.

The province explained that although there were more applicants, applications were closed at around 2,200 people in consideration of the total loan amount.

Among the 2,200 applicants, 2,172 people, or 98.7%, applied for a loan of 2 million won.

Starting this year, Gyeonggi Province is implementing version 2.0, which improves the operating method of the existing ultra-low credit loan program.

“Gyeonggi Ultra-Low Credit Loan 2.0” provides small loans of up to 2 million won for Gyeonggi residents aged 19 or older whose credit scores are in the bottom 10%. Gyeonggi Province extended the repayment period from the previous 5 years to a maximum of 10 years to ease the repayment burden.

First-round applicants are required to undergo a “pre-consultation” through the Gyeonggi Provincial Center for Inclusive Finance and Welfare Support, after which they receive a financial diagnosis and consulting.

Gyeonggi Provincial Government

Afterwards, once the implementing agency completes its loan review and determines final eligibility, the loan agreement is executed. Depending on the screening results, loan amounts ranging from 500,000 won to a maximum of 2 million won are provided.

Gyeonggi Province will also operate an “integrated pre- and post-management” system. Even after the loan is disbursed, the province plans to continue providing tailored, comprehensive support such as job placement and connection to welfare services according to each borrower’s situation, so that they can achieve genuine self-reliance.

Residents who missed the first round of applications can apply in the second round scheduled for May.

Gyeonggi Governor Kim Dongyeon said, “This result shows that ultra-low credit loans are still an indispensable system that serve as a pillar and a welcome relief for many residents,” adding, “Gyeonggi Province will stand by residents to the end so that Gyeonggi Ultra-Low Credit Loan 2.0, with its enhanced tailored support, can go beyond simple financial assistance and become an opportunity for economically struggling residents to get back on their feet.”

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