3,079 Apply for Gyeonggi Ultra-Low Interest Loan of Up to 2 Million Won in Just 21 Minutes

by Lee YeongKyu

Published 06 May.2026 15:20(KST)

Gyeonggi Province's "Ultra-Low Interest Loan" program, which offers loans of up to 2 million won at an annual interest rate of 1%, closed just 21 minutes after applications opened.

On May 6, the Gyeonggi Provincial Government announced that the "Gyeonggi Ultra-Low Interest Loan 2.0," which provides emergency living expenses to residents in the lowest 10% credit rating bracket, received applications from 3,079 people within 21 minutes, after which the application process was closed.

The Gyeonggi Provincial Government believes that the rapid closure, even quicker than the first round, was due to growing desperation among financially vulnerable groups who have difficulty accessing conventional financial services. This comes as ongoing instability in the Middle East has led to rising oil prices and persistent inflation.

Gyeonggi Provincial Government

"Gyeonggi Ultra-Low Interest Loan 2.0" is a program that supports microloans of up to 2 million won for residents over the age of 19 who are in the lowest 10% in terms of credit score. Applicants for this second round are required to participate in mandatory pre-loan counseling, which includes financial diagnosis and consulting, along with the loan review. Depending on their final eligibility, they can receive between 500,000 won and 2 million won. Notably, the loan repayment period has been extended from the previous maximum of five years to up to ten years, easing the immediate burden of repayment. Even after the loan is disbursed, the program will continue to connect recipients with job opportunities and welfare services tailored to their individual circumstances to help them achieve real self-reliance.

During the first round of "Gyeonggi Ultra-Low Interest Loan 2.0" held on February 11, around 2,000 people applied within 30 minutes.

Of the 1,618 recipients whose loans were executed in the first round (a total of 2.06 billion won), 75.2% applied for funds to cover living expenses.