The Credit Counseling and Recovery Service (CCRS) is adding faithful repayers under financial companies' in-house debt adjustment programs to its small loan support program.
"In line with the government's inclusive finance policy, we will fill the blind spots in policy-based microfinance," CCRS said Wednesday.
Since 2006, CCRS has provided up to 15 million won at annual interest rates of 2 to 4 percent to faithful repayers under debt adjustment programs and court-led personal rehabilitation procedures, supporting the economic recovery of vulnerable borrowers.
With the expansion, users who have faithfully repaid under financial companies' in-house debt adjustment programs for at least six months will also be eligible for CCRS small loan support.
"We will build a tight financial safety net so that faithful repayers can return to economic activity in a stable manner," CCRS Chairwoman Kim Eun-kyung said.
