3 Recommendations for Credit Loans for Foreign Workers in Korea

If you are a foreign worker in Korea, seeking a credit loan can be a crucial step towards financial stability. In this blog, we will provide three valuable recommendations for credit loans tailored specifically for foreign workers.

 

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3 Recommendations for Credit Loans for Foreign Workers in Korea

• Shinhan Card Foreigner Credit Loan
• DGB Capital Foreigner Credit Loan
• Woori Bank Foreigner Loan (Small Credit Loan)

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1. Shinhan Card Foreigner Credit Loan

Shinhan Card offers credit loan products for foreigners. To be eligible, you need to have an existing loan, credit card, or debit card. Additionally, if you are a salaried employee or a self-employed individual with a remaining stay period of at least 1 year, you can apply for the loan.

The loan limit ranges from 1 million KRW to 10 million KRW, with an interest rate of 4.75% to 19.9% per year. The loan term is 1 year, and you can repay the loan through equal principal and interest installment payments.

 

Early repayment incurs no prepayment penalties. You can apply for the loan 24/7 through Shinhan Card's website, mobile app, Shinhan Paypan app, or via phone (ARS 1544-0887).

 

This product allows for loan approval without income verification or speaking to a representative.

Shinhan Card Foreigner Loan Visa Eligibility

• Journalist (D5)
• Diplomat (D7)
• Corporate Investor (D8)
• Trade Management (D9)
• Professor (E1)
• Researcher (E3)
• Technical Instructor (E4)
• Specialist in Humanities/Social Sciences (E5)
• Resident (F2)
• Overseas Korean (F4)
• Permanent Resident (F5)
• Marriage Immigrant (F6)

Foreigner-only Loan

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2. DGB Capital Foreigner Credit Loan

DGB Capital offers credit loans for foreign workers. To be eligible, you must hold an E-9 visa and be a resident of South Korea. The loan limit ranges from 5 million KRW to 3 million KRW, and the interest rate varies based on your credit score and visa duration.

 

The interest rate is between 14.2% and 19.7% per year, and late payment may result in a maximum interest rate of 20%. The loan term can be set from 6 to a maximum of 33 months, and you can repay the loan through equal principal installment payments.

 

Early repayment incurs a prepayment fee of 2%. Required documents for the loan application include your foreigner registration card, passport, and employment contract.

 

Foreigner Loan Visa Eligibility

• E-7
• E-9
• F-2
• F-4
• F-5
• F-6

Required Documents

1. Alien Registration Card
2. Passport
3. Employment Contract
• Additional Documents for Loan Evaluation
• Depending on the specific requirements of the institution, additional documents may be requested during the loan evaluation process.
• Restrictions:
  • Individuals subject to credit management regulations under the Credit Information Management Act
  • Individuals who are currently restricted from obtaining loans or credit cards from our institution or other financial institutions, or have a history of delinquency
  • Individuals who meet other rejection criteria specified by our institution
  • Ineligible Individuals for the Loan

DGB Capital

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3. Woori Bank Foreigner Loan (Small Credit Loan)

Introducing Woori Bank's small credit loan product available for foreigners. Woori Bank's emergency fund loan is accessible to individuals with communication ratings ranging from 1 to 6 and external credit scores (KCB, NICE) in the same range.

 

As long as you have a mobile phone in your name, you can apply for the loan without visiting a Woori Bank branch, thanks to mobile loan services available 24/7. This convenient small credit loan is worth considering for foreigners in need.

 

Loan Eligibility Criteria:

• Individuals eligible for communication ratings (customers of SKT, KT, or LG U+)
• External credit scores (KCB, NICE) ranging from 1 to 6
• Possession of a mobile phone in your name

Loan Limit: You can apply for a loan of up to 3 million KRW.

Loan Interest Rate: The interest rate ranges from 6.69% to 12% per year.

Loan Term: The loan term is a maximum of 1 year.

Repayment Methods: You can choose between a lump sum repayment at maturity or flexible repayment according to your preference.

 

Preferential Interest Rates

【Maximum of 1.0% per year】

1. Log in to WON Banking at least once a month: 0.2% per year
2. Preferential interest rate coupon for customers without existing loans: 0.3% per year

※ Customers who do not have any loans with Woori Bank at the time of application (One-time issuance/use available, applicable only during the initial agreement period and not eligible for extension)

1. Special preferential rate for mutual growth finance (applicable only during the initial agreement period): 0.5% per year

Repayment Method

Type of Account Limit Transaction Loan (Minus Account Loan)

• Repay freely within the limit transaction loan and repay the full amount on the loan maturity date

Collateral

Unsecured Loan

Customer Expenses

• Customer expenses such as stamp duty: None
• Prepayment penalty: None

Interest Payment

Interest Calculation Method

Type of Account Limit Loan (Minus Account Loan)

• Interest calculated based on daily balance
• Daily balance: Closing balance + (Highest balance during the day - Opening balance or Closing balance, whichever is higher)

Interest Payment Method

Type of Account Limit Loan (Minus Account Loan)

Woori Bank Foreigner Loan

A Good Read to Enjoy Together

Places for Foreigner Credit Loans Top 8 (E-9, F4 Visa)

 

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