[CBC News] Last winter, an economic newspaper published an article stating that "loans to low-credit borrowers are plunging across the entire financial sector." The report highlighted that new credit loans from banks to borrowers with low credit scores have been noticeably decreasing year by year.

This was not just an issue for low-credit borrowers. The overall volume of newly issued household credit loans across banks, credit card companies, capital firms, and savings banks shrank as well. This was the combined result of strengthened household loan management aimed at stabilizing the real estate market and regulations limiting credit loan amounts within the borrower's income range.

The problem lies in where the impact is felt most heavily. The lower the credit score and income, the narrower the doors to institutional finance become, leaving nowhere to turn when urgent funds are needed. In fact, as loan regulations tightened, the phenomenon of vulnerable borrowers failing to meet institutional requirements being driven into illegal private money lending has been pointed out as a social problem. The amendment of related laws to invalidate anti-social high-interest loan contracts falls within the same context.

In this situation, the 'Haessalloan' is a representative policy microfinance product designed to improve financial access for the financially marginalized. However, even for a well-intentioned product, to determine whether you can actually use it, you must first look at the Haessalloan eligibility requirements.

General vs. Special Type: Which One Applies to Me?

Haessalloan eligibility is divided into the 'General' and 'Special' types based on income level and credit score.

General Type - Target audience: Workers, self-employed individuals, freelancers, those in agriculture, livestock, forestry, and fisheries, pension earners, and others with income. - Conditions: Applies to those earning below a certain income threshold, or those whose income may be somewhat higher but whose credit score falls in the lower tier.

Special Type Designed for low-credit borrowers facing greater financial difficulty, the eligibility requirements are stricter than those of the General type. - Target audience: Workers, self-employed individuals, freelancers, those in agriculture, livestock, forestry, and fisheries, and pension earners who have low income and a credit score in the lower tier. - Interest rate benefits: Lower interest rates are applied to those who fall under social consideration categories, such as basic livelihood security recipients, the near-poor (second-lowest income bracket), self-sufficiency program workers, earned income tax credit recipients, registered disabled persons, single-parent families, and multicultural families.

Repayment is made through an equal installment repayment of principal and interest after a certain grace period.

Pre-Checking Before Applying Is Key

If you want to check in advance whether you meet the Haessalloan eligibility requirements, it is recommended to undergo a preliminary inquiry through the Korea Inclusive Finance Agency (KIFA) app or the Integrated Support Center for Microfinance. By understanding the eligibility criteria in advance, you can proceed without wasting unnecessary time when visiting a bank or savings bank.

Application Channels - Branches and applications of financial companies, including banks and savings banks - Integrated Support Center for Microfinance - The 'Connect Microfinance' (Seomin Geumyung Itda) app

In particular, visiting a center in person allows you to receive not only loan counseling but also employment and welfare-linked support and debt adjustment guidance, making it highly useful for those seeking to resolve fundamental financial difficulties beyond just obtaining a loan.

With a Low Credit Score, Haessalloan Is the Safest Choice

Being pushed outside the institutional financial system simply due to a low credit score can easily lead to more dangerous choices. When in need of emergency funds, rather than relying on unfamiliar advertisements or acquaintances' introductions, the safest path is to calmly check your Haessalloan eligibility first and utilize it.

[This article was written with the assistance of AI. It is based on currently publicly available information, and we recommend verifying the facts once again.]