5,499 applications were made within a week of the launch of the Small Living Expenses (Urgent Living Expenses) Loan. The average loan amount is about 640,000 won, and the total is 3.51 billion won.
There were 3,874 cases where the loan amount was 500,000 won, and 1,625 cases where loans were more than 500,000 won made with proof of the use of money as hospital expenses.
Of the total loan counseling cases, complex counseling was supported, including 2,242 debt modification counseling requests, 1,298 welfare contact cases, 583 employment support cases, and 593 dormant deposit inquiry cases.
According to Yonhap News, the Small Living Expense Loan is a program that provides an immediate payment of up to 1 million earned on the day of application for vulnerable people, who are easily exposed to private finance illegal due to difficulties in using the loan business, and launched it on the 27th of last month.
The loan limit is 1,000,000 won, and an additional loan is provided if the initial loan is 500,000 won and the interest is faithfully repaid for more than 6 months.
The interest rate of the loan is 15.9% per annum, and is reduced to 9.4% per annum when financial education is completed and repayment is made in good faith.