Seoul Launches Fourth Credit Line for Self-Employed Workers, With Loans of Up to 20 Million Won

The Seoul Metropolitan Government will launch the fourth version of its guaranteed overdraft program for self-employed workers on Sept. 3, expanding total funding by 300 billion won and raising the individual limit to 20 million won.

The Ansim Account was introduced in 2025 for self-employed people who struggle to access conventional financial services. Users can withdraw money within their approved limit and repay it as needed. Interest applies only to the amount they actually use.

The first three versions closed applications after an average of 38 business days and supplied a combined 600 billion won to about 60,000 people. Starting with the fourth version, support will be divided into three levels of 10 million won, 15 million won and 20 million won, based on business history, credit score and reported sales. Existing users may apply for additional support if they meet the requirements, within a total limit of 20 million won including their previous guarantee.

The program targets individual business owners with workplaces in Seoul and at least one year of business history. Applicants must have sales of at least 2 million won over the past three months or annual reported sales of at least 10 million won, along with a NICE personal credit score of at least 600. The loan rate stood at about 5.12% annually as of Aug. 27, while the guarantee fee is 1% a year. Loans mature after one year with a lump-sum repayment, but extensions can allow use for up to five years.

Applications open at 9 a.m. through the Seoul Credit Guarantee Foundation mobile app. A five-day schedule based on the final digit of the applicant’s birth year will apply from Sept. 3 to 9, followed by open applications from Sept. 10. Joint representatives, people aged 65 or older and foreign nationals who cannot apply online may use foundation branches.