Gyeonggi Province launches low-interest loans for illegal private finance victims

Gyeonggi Province has announced a new specialized loan program, ‘Gyeonggi Ultra-Low Credit Loan 2.0,’ specifically designed to support low-credit residents who have fallen victim to illegal private financing. The program offers up to 2 million KRW per person at a 1% annual interest rate, with a maximum repayment period of 10 years.

The total fund for this initiative is 1 billion KRW. To qualify, applicants must have resided in Gyeonggi Province for at least one year and fall within the bottom 10% of credit scores. Certain vulnerable groups, such as basic livelihood security recipients and single-parent families, may qualify with slightly higher credit score thresholds. Crucially, applicants must provide official documentation verifying their status as victims of illegal private finance from either the Gyeonggi Welfare Foundation or the Microfinance Integrated Support Center.

Applications will be accepted from November 2 to November 30, subject to fund availability. Beyond financial aid, the province plans to provide integrated support through the Gyeonggi Microfinance and Welfare Support Center, linking victims to debt resolution, employment, and welfare services to facilitate economic recovery.