'Gyeonggi Ultra-Low Credit Loan 2.0' 2nd Online and Phone Application Period Closes in 21 Minutes

[Suwon Ilbo=Reporter Kim Gapdong] The 2nd application period for 'Gyeonggi Ultra-Low Credit Loan 2.0', which provides emergency living funds to residents of Gyeonggi Province in the bottom 10% of credit scores, closed on the 6th on a first-come, first-served basis with 3,079 applicants just 21 minutes after opening.

The province began accepting 2nd applications at 9 a.m. that day. As a result, demand surged on Gyeonggi Civil Affairs 24, the online portal, with a total of 5,545 people accessing the site within 17 minutes of opening. Considering the loan fund size available, the province closed online applications at the 2,279 applicant mark.

The phone reservation application system, newly introduced starting with this 2nd project for vulnerable populations who have difficulty using digital devices, also closed in 21 minutes with 800 applicants signing up.

The province interpreted the faster closing compared to the 1st application period as resulting from increased financial desperation among financially vulnerable populations with limited access to institutional finance, amid rising oil prices and persistent high inflation due to recent instability in the Middle East.

In the 'Gyeonggi Ultra-Low Credit Loan 2.0' 1st application period held on February 11th, approximately 2,000 applicants also applied within 30 minutes of opening, resulting in early closure.

Among 1,618 recipients of the 1st loan (2.06 billion won), 75.2% applied for funds for living expenses, indicating concentrated demand for emergency funds due to deteriorating economic sentiment.

Phone reservation applicants, who applied through a callback service method, will have their reservations confirmed through sequential contact during the 6th. Residents with confirmed reservations can receive on-site application support from the 7th to 13th at the Gyeonggi Common People's Finance and Welfare Support Center or the Administrative Welfare Center in their residential area. Those with mobility difficulties can also receive support through 'Visiting Ultra-Low Credit Loan 2.0'.

'Gyeonggi Ultra-Low Credit Loan 2.0' is a project that provides small loans of up to 2 million won to residents aged 19 and older in the bottom 10% of credit scores. 2nd applicants must receive mandatory pre-consultations 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. In particular, the repayment period, previously 5 years, has been extended to up to 10 years to alleviate immediate repayment burden, and after loan execution, job placement and welfare services are connected based on each recipient's situation to support practical self-sufficiency.