Micro Credit
What is Micro Credit?
Micro Credit is a support program designed to help individuals who are repaying their debts through CCRS or other debt-relief programs. It provides small emergency loans so that they can cover urgent living expenses without turning to high-interest lenders or falling behind on their repayment plans.
Through Micro Credit, eligible borrowers may receive direct emergency loans from CCRS or obtain low-interest loans from financial institutions with CCRS credit guarantees.
Eligibility
You may be eligible if you :
- Have been steadily repaying for 6 months or longer under a household debt relief programs, or completed repayment within the last three years; or
- Have been steadily repaying for 6 months or longer under an Individual Rehabilitation plan, or completed repayment within the last three years
Your application may be declined if you :
- Do not have sufficient income or other means to repay the loan
- Have delinquency information listed on your credit report
- Possess excessive assets
The Use of Loans
| Content | Details |
|---|---|
| Life Stabilization Loan | Emergency living expenses due to accidents, illness, or disasters. (e.g., medical expenses, disaster relief, marriage expenses, and security deposits for lease) |
| Education Loan | Tuition and higher‑education costs for you or your family members. |
| Refinancing Loan | Repayment of high‑interest loans taken at least 6 months prior to the application. |
| Facility Renovation Loan | Purchase or improvement of business fixtures, equipment, or facilities for small business owners. |
| Working Capital Loan | Operating funds such as raw material purchases for small business owners. |
Funding Sources
Micro Credit and loan‑guarantee programs are funded by :
- Donations from financial institutions, corporations, individuals, and nonprofit organizations engaged in corporate social responsibility (CSR)
- Loans from central and local governments
In accordance with the Act on the Collection and Use of Donations, all contributions received and how they are used are publicly disclosed on our website.