Nonprofit microloan program helps 16 avoid unpaid court fees, jail

Over a dozen people who faced imprisonment for failing to pay court fines avoided that fate this week with loans from a nonprofit's microloan program.

Jean Valjean Bank said Tuesday it approved a total of 41.12 million won ($29,700) in loans for 16 people who passed its 142nd round of screening.

The Jean Valjean Bank is a publicly funded lending program created through public donations to provide financial assistance to people in poverty.

The program screens applicants who have been sentenced to pay criminal fines, excluding those convicted of serious offenses such as drunk driving or sex crimes involving illegal filming.

Without conducting credit checks, the program evaluates each applicant's individual circumstances and lends between 1 million and 5 million won, unsecured and interest-free.

Since launching in February 2015, the Jean Valjean Bank has received donations from 22,192 individual and organizational donors and has lent about 2.95 billion won to 1,669 people.

BY KIM JI-HYE [[email protected]]