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(Data provided by the office of Rep. Yoon Young-duk of the Democratic Party of Korea)
The execution rate of the ‘small loan’, a financial support program for ordinary citizens operated by the Korea Asset Management Corporation (KAMCO), has been found to be low, leading to claims that institutional improvement is urgent.
According to the status of small loans over the past four years submitted by Rep. Yoon Young-duk of the Democratic Party of Korea, a member of the National Assembly’s Political Affairs Committee, to KAMCO on the 22nd, the number of people supported and the loan amount is 3,802, 15.6 billion won. By year, △1,515 people, 5.8 billion won in 2020, △1,085 people, 4.3 billion won in 2021, △823 people, 3.8 billion won in 2022, and △379 people, 1.7 billion won as of August 2023.
KAMCO supports small loans for living stabilization funds for debtors to help them recover economically. Small loans are a system that provides living stabilization fund loans to those who are faithfully repaying their debts through the credit recovery support program.
The support contents include a maximum loan amount of 20 million won (up to 5 million won for faithful repayers of personal rehabilitation), an annual interest rate of 3-4%, a maximum loan period of 5 years, and monthly equal installment repayment of principal and interest.
The support target is △those who have faithfully repaid their debts for more than 6 months after using the credit recovery support program of KAMCO, Sangnoksu First Securities Specialized Company, or the Credit Recovery Committee, or those who have used the Change Dream Loan and Safety Net Loan I and II, or those who have been repaid their debts within 3 years △those who have been repaid their debts for more than 2 years in the court’s personal rehabilitation procedure, or those who have been repaid their debts within 3 years. However, those who are classified as ineligible as a result of loan screening, such as those who are delinquent on their debts (including those with a record of delinquency for more than 30 days in the past 3 months), are excluded, and are required to submit documents proving their income.
The total budget for small loans over the past 4 years is 31.1 billion won, but only 15.6 billion won has been executed as of August this year, resulting in an execution rate of around 50%. In particular, the budget this year increased by 300 million won compared to last year to 8 billion won, but 1.7 billion won (21%) has been executed as of August.
Rep. Yoon Young-deok said, “It is urgent to promote and improve the system so that more people can use CAMCO in line with the purpose of the system so that credit recovery faithful repayment borrowers do not fall into illegal private lending because they cannot secure small amounts of emergency funds.” Related News
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