Gyeonggi Province Begins Accepting Applications from Low-Credit Illegal Loan Victims on November 2

Gyeonggi Province will support low-credit residents who have been victimized by illegal loans with up to 2 million won per person at an annual interest rate of 1%. To this end, the province will accept applications from November 2 to 30.

This loan program has a total budget of 1 billion won with a maximum repayment period of 10 years and targets residents of Gyeonggi Province who have suffered damages after using illegal loans due to financial difficulties.

Eligible applicants are residents aged 19 or older who have continuously resided in Gyeonggi Province for at least one year as of the application date and whose credit scores fall within the bottom 10%.

Credit score standards are Korea Credit Bureau (KCB) 675 points or below or Nice Evaluation Information (NICE) 724 points or below. Basic livelihood security recipients, those in near-poverty, and single-parent families can apply up to Korea Credit Bureau (KCB) 700 points or below or Nice Evaluation Information (NICE) 749 points or below, which is the bottom 20%.

However, even if credit score and residency requirements are met, the fact of illegal loan damage must be confirmed. Applicants must submit either a "Consultation Confirmation Letter for Illegal Loan Damage Support" issued by the Gyeonggi Welfare Foundation's Illegal Loan Damage Support Team or an "Illegal Loan Damage Confirmation Certificate" issued by the Common Financial Support Center.

Residents wishing to apply should receive counseling at the dedicated call center (1800-6751) of the implementing organization, Social Solidarity Bank (Building the World Together), and then apply online or in person following the guidance. The in-person application location is in Jongno-gu, Seoul.

Kim Jin-hyo, director of the Welfare Policy Division of Gyeonggi Province, said, "We will provide both emergency funds and restart support so that victims of illegal loans do not resort to illegal loans again due to immediate financial difficulties," and added, "We will help victims achieve stable daily recovery by connecting financial counseling, welfare services, and employment support."