'Gyeonggi Ultra-Low Credit Loan 2.0' 2nd Round Online and Phone Applications Close in 21 Minutes
[Suwon Ilbo=Reporter Kim Gab-dong] The second round of applications for the 'Gyeonggi Ultra-Low Credit Loan 2.0' program, which provides emergency living funds to Gyeonggi Province residents in the bottom 10% credit score bracket, closed on a first-come, first-served basis with 3,079 applicants within 21 minutes of opening on the 6th.
The province began accepting second-round applications at 9 a.m. that day. As a result, the online portal Gyeonggi민원24 website saw a surge in demand with 5,545 people accessing the site within 17 minutes of the application opening. Considering the size of available loan funds, the province closed online applications after reaching 2,279 applicants.
The telephone reservation application system, newly introduced from this second round for vulnerable groups who have difficulty using digital devices, also closed within 21 minutes of opening with 800 applicants.
The province interpreted the faster closure compared to the first round as reflecting deepened financial strain among financially vulnerable groups with limited access to institutional finance, amid continuing high oil prices and inflation following recent Middle East tensions.
Previously, during the first round of 'Gyeonggi Ultra-Low Credit Loan 2.0' applications held on February 11th, approximately 2,000 people applied within 30 minutes of opening, resulting in early closure.
In fact, among 1,618 first-round loan recipients (2.06 billion won), 75.2% applied for funds for living expenses, indicating concentrated demand for emergency funds due to worsening economic sentiment.
Phone reservation applicants, operating under a callback system, will have their reservations confirmed through sequential contact calls on the 6th. Residents whose reservations are confirmed can visit the Gyeonggi Provincial Citizens' Finance and Welfare Support Center or their respective Administrative Welfare Centers from the 7th to 13th to receive on-site application support, and those with mobility difficulties can also receive visiting application assistance through the 'Visiting Ultra-Low Credit Loan 2.0' program.
The 'Gyeonggi Ultra-Low Credit Loan 2.0' provides small loans of up to 2 million won to Gyeonggi Province residents aged 19 and above in the bottom 10% credit score bracket. Second-round applicants must undergo mandatory pre-consultation including financial diagnosis and counseling along with loan screening, and receive between 500,000 won and up to 2 million won depending on final eligibility. The repayment period, previously 5 years, has been extended up to 10 years to ease immediate repayment burden. After loan execution, the province also facilitates job placement and welfare services tailored to applicants' circumstances to support genuine self-reliance.