Hello our readers.
The weather gets colder day by day, and we now feel that winter is at the corner. The weather is going to be more freezing from now on, touching our cheeks with chilly wind. So, for today, I would like to tell you something ‘warm’. Actually, it would be better to say ‘warmer’ than before.
Previously I introduced you ‘Sunshine Loan’ as one of the microfinance measures available for low-income households with low-credit. Low-income households are people with annual income less than KRW 20 million, while low-credit ranges from credit rating six to ten.
Sunshine loan primarily aims at stabilizing the livelihoods of those people. Loans are granted for the purpose of start-up businesses, operational costs of businesses, and emergency needs. Its name ‘Sunshine’ is pretty much self-explanatory, isn’t it? If we describe economic hardship as a dark tunnel, we can use this metaphoric expression ‘sunshine’ for the microcredit given to low-income households.
Sunshine loan is now ‘shiner’ than before with newly announced changes. First, credit guarantee is increased by ten percent, from 85 percent to 95 percent. Moreover, the interest rate per annum decreased from 10~13 percent to 8~11 percent. If you borrowed money from a private lending company with a high interest rate, you could make a comparison. Usually those private companies demand a high interest rate around 30 percent. Can you see a clear distinction here? And of course, there is no requirement of collaborative debt guarantee.
Now, you would understand why I am saying sunshine is shiner. And I guess that you know how to apply for it, or find more information about the loan. Visit the website (www.sunshineloan.or.kr) or, call ‘1397’ center. Is my post today a hint of warm breeze for this cold winter? I am looking forward to many people actually getting benefited from Sunshine loan.