Do you use credit cards a lot? Credit cards have the advantage of being able to purchase items you need right away even if you don’t have cash right now, and you can also receive installment services that pay in monthly installments. It is possible to receive various benefits by accumulating the previous month’s performance.
According to one statistic, Korea is also ranked as one of the countries with the highest credit card penetration. So, in Korea, credit cards are mostly used, but carrying cash has decreased significantly. Some stores have even switched to not accepting cash at all. 햇살론카드 신청
However, not everyone can use this convenient credit card. This is because credit card issuance is restricted if your credit score is low. In other words, those with a personal credit score of less than 10% could not get a credit card. So, on October 27th, the government launched the ‘Sunshine Loan Card’ through the Financial Services Commission and the People’s Finance Agency to support the underprivileged who are in this situation. This time, let’s take a closer look at what a Sunshine Loan Card is and who can get it.
Sunshine Loan Card, issuance conditions? 이베이스매뉴얼
First of all, the Sunshine Loan is a loan product for the common people that has been on sale since the second half of 2010. It provides loans for business operation funds, start-up funds, and emergency livelihood funds at a low interest rate of 10%. There are various types of loan products that you can get depending on your job, situation, and living conditions, and it is usually targeted to the vulnerable with low credit scores. Even so, it means that it is a product that shines warmly like the sun.
The Sunshine Loan Card is similar to the above. It helps even the poor with low credit who have difficulty in issuing credit cards to receive a credit card from a credit card company with a guarantee from the Financial Services Agency. Eligible applicants are those who do not have a credit card in the bottom 10% of the credit score and have an annual disposable income of 6 million won or more. For reference, the credit score should be in the bottom 10% of either Nice Credit Rating or Korea Credit Bureau.
If you meet the above conditions, you can get a Sunshine Loan Card. To apply, you must first apply for a guarantee through the Financial Services Agency app. If you do not have the app, you can apply by visiting the integrated financial support center for the common people. If you have completed all applications, there will be a subsequent screening process. In some cases, warranty or card issuance is refused. This is when you have a dormant or suspended card because you have been issued a card before, have special bonds, or have overdue records.
If all the examinations are completed and passed, you must complete the 3 required Sunshine Loan education courses located in the Financial Education Portal of the Financial Services Agency. If you have completed all training, you will be able to get credit cards from 7 credit card companies: Lotte, Woori, Hyundai, Kookmin, Shinhan, Samsung, and Hana. In this case, the validity period of the guarantee issued by the Financial Services Agency is 60 days. Therefore, you must obtain a credit card within 60 days. If this period is exceeded, you will need to apply for the warranty again, so please keep this in mind.
Be sure to check before issuing the Sunshine Loan Card!
The Sunshine Loan Card is a little different from the credit card we usually think of. There are restrictions on long-term and short-term card loan services such as card loans and cash advances, and installments are available for up to 6 months. In addition, the use of some items, such as entertainment establishments and speculative establishments, is restricted.
The credit card limit is also differentiated within a maximum of 2 million won according to the warranty review. In addition, if the Microfinance Agency or the credit card company determines that management is necessary due to overdue, the limit of use of the Sunshine Loan card may be further reduced or the use of the card may be suspended. It is a minimum safety measure that was created because the burden on the Microfinance Promotion Agency, which has a low credit score and guarantees with the credit card company, is high.
A credit card that provides convenient payment and various benefits such as installments! However, it is always a good idea to avoid excessive card usage. No matter how low your credit rating, I hope you do not lose hope and use the Sunshine Loan Card as a stepping stone to make a wise consumption plan.