햇살론 뱅크If your credit score is low or your income is low, it is difficult to get a loan on good terms. To prevent these people from taking out loans at extremely high interest rates and increasing their interest burden, the government operates so-called ‘policy microfinance products’ such as Sunshine Loans and Intermediate Loans.
However, there are people who have become ambiguous because they have improved their credit rating by repaying loans using policy microfinance products. I still can’t get a loan at a good interest rate from a first-tier financial institution, and since I don’t have completely low credit, I can’t even use policy microfinance products.
We lend money at a relatively low interest rate to people who meet certain conditions and encourage them to repay well, thereby improving their credit rating and debt to help them settle into the banking industry. Originally, ‘Sunshine Loan’ is a policy product available from savings banks, but the ‘Sunshine Loan Bank’ product is a loan available from first-tier financial institutions.
* At this time, policy microfinance products refer to New Hope Spore, Microcredit, Workers’ Sunshine Loan, Business Sunshine Loan, Sunshine Loan 15, Sunshine Loan 17, Change Dream Loan, Safety Net Loan, Safety Net Loan Ⅱ, Sunshine Loan Youth, and Sunshine Loan Bank.
** Low-income and low credit people are (1) those with an annual income of 35 million won or less (credit score does not matter) or (2) those with a credit score in the bottom 20/100 and an annual income of 45 million won or less. If you are not sure whether you are eligible or not, you can check directly on the Korea Inclusive Finance Agency app or Toss.
You can get a loan ranging from 5 million won to 25 million won*. How much an individual can receive may vary depending on the results of the warranty screening.
*The maximum loan limit has been temporarily increased from February 25, 2022 to December 31, 2023.
You can choose 3 or 5 years.
Please note that there is no early repayment fee.
Depending on the bank or person receiving the loan, you have to pay around 2.9-6% per year (guarantee fee separate, subject to change).
You also have to pay a guarantee fee. The guarantee fee is 2% per year of the loan amount. Those eligible for social consideration can receive a 1.0% reduction, those who have completed financial education consulting can receive a 0.1% reduction, and low-income youth can receive a 0.5% reduction. (However, overlap with social consideration recipients is not possible.)
If my loan interest rate is 4% and I am not eligible for a guarantee fee reduction, I have to pay an additional 2% for a total interest rate of 6%. The average interest rate is much lower than that of savings banks or capital loans mainly used by mid-credit borrowers.
You can apply by visiting a branch* of any of the 13 participating banks in person or by installing the app. However, if you use Toss, you can check if you are eligible without going to the branch.
*BNK Gyeongnam Bank, Gwangju Bank, KB Kookmin Bank, IBK Industrial Bank, NH Nonghyup Bank, DGB Daegu Bank, BNK Busan Bank, SH Suhyup Bank, Woori Bank, Jeonbuk Bank, Jeju Bank, Hana Bank, Shinhan Bank
I am in charge of loan business development at Toss. We dream of a common-sense society that returns ‘financial sovereignty’ to customers.
