Gyeonggi Province to Accept Applications from Illegal Private Finance Victims Starting November 2
Gyeonggi Province will provide low-credit residents who have been victimized by illegal private finance with up to 2 million won per person at a 1% annual interest rate. To this end, the province will accept applications from November 2 to 30.
This loan program is worth a total of 1 billion won, with a repayment period of up to 10 years, targeting residents of Gyeonggi Province who have been victimized after using illegal private finance due to financial hardship.
Eligibility criteria are residents aged 19 or older who have continuously lived in Gyeonggi Province for at least one year as of the application date and whose credit score falls in the bottom 10%.
Credit score standards are 675 points or below on Korea Credit Bureau (KCB) or 724 points or below on Nice Evaluation Information (NICE). Basic livelihood security recipients, households in the second-lowest income bracket, and single-parent families can apply with credit scores of 700 points or below on KCB or 749 points or below on NICE, which correspond to the bottom 20%.
However, even if applicants meet the credit score and residence requirements, they must provide confirmation of illegal private finance victimization. Applicants must submit either a "Illegal Private Finance Damage Support Consultation Confirmation Certificate" issued by the Gyeonggi Welfare Foundation's Illegal Private Finance Damage Support Team or an "Illegal Private Finance Damage Confirmation Certificate" issued by the Integrated Support Center for Low-Income Household Finance.
Residents wishing to apply should receive counseling at the dedicated call center (1800-6751) of the implementing organization, the Association for Creating a Better World (Community Solidarity Bank), and then apply online or in person according to the guidance provided. The in-person application reception location is in Jongno-gu, Seoul.
Kim Jin-hyo, head of the Welfare Policy Division of Gyeonggi Province, said, "We will provide both emergency funds and support for restarting lives so that victims of illegal private finance do not turn to illegal private finance again due to immediate financial difficulties," and added, "We will connect financial counseling, welfare services, and employment support to help victims restore stable daily lives."