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It is difficult for people with poor credit and low income to get a loan with good terms.
You have no choice but to take out a loan at a high interest rate from a place other than a bank, which makes life more difficult because of the interest burden.
It is better for these people to use the policy microfinance products operated by the government.
Let's take a look at microfinance products for low-income people (annual income of 35 million won or less) operated by the Korean government (NICE score of 744 or less, KCB score of 700 or less as of 2022). Attention multicultural families.
Sinhyeob loan
When it comes to loans for multicultural families, the most important product is the Sinhyeob’s ‘Together Social Sharing Support Loan’.
Loans of up to 10 million won at a very low interest rate of 2% per year are available for multicultural families with children. The default loan period is 1 year and can be extended up to 2 years.
There is no bank that lends multicultural families at such a low interest rate without any special conditions.
Everyone, please praise Shinhyup. Inquiry 1566-6000
Haessal loan
It is a system in which the Small Finance Promotion Agency guarantees and supports loans for those who have difficulty using institutional finance due to their low credit rating and income.
You can get a loan from mutual finance such as Nonghyup and Saemaeul Geumgo and secondary financial institutions such as savings bank.
There are many types of Haessal loan, but there are four types: office workers, self-employed people, young people, and people who have already taken out high-interest loans.
‘Worker Haessal Loan’ is for those who have worked for more than 3 months, and lends up to 15 million won at an interest rate of 10.5% or less.
Saehuimangholssi
It is a loan product tailored to the common people, provided by commercial banks for those who had difficulty obtaining a loan from a bank due to low income or low credit.
Most banks in Korea handle new Saehuimangholssi loan products
The limit is 30 million won, and the interest rate is less than 10.5% per year, but the average interest rate last year was about 6%.
If you are a socially vulnerable group such as a single-parent family, the elderly, or have completed financial education, the interest rate will be reduced by up to 2%.
You may not be able to get a loan because there is a limit on the total amount you can borrow per year.
For multicultural families, the word ‘credit’ may be unfamiliar to you.
Credit is often expressed as a score, and it is called ‘the ability to borrow money’.
If you have a good credit score, you can borrow a lot of money at a low interest rate.
Conversely, if your score is low, you cannot borrow a lot of money and the interest rate is high.
In Korea, there are two institutions that evaluate an individual's credit: NICE and KCB.
Multicultural families should also check their credit.
Do not use the information sent by text message to get a loan.
It's most likely a text scam.
Instead, be sure to call the Small Finance Promotion Agency at 1397.
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