Korean Job Discussion Forums

[sjk1128]

Basically, the title, says it all:

Have any (foreign) readers here managed to get a jeonse loan without a Korean spouse?

If so, I'd be interested in knowing what bank you went through and if there is a specific person I should ask for that will be willing to take my business. It would be nice if the person can speak English, but Korean is fine too.

Thanks!

[sjk1128]

Really, nobody?

Bump bump bump

[bassexpander]

The only way you're going to get a loan without a Korean spouse is if you have at least that much in the bank already.

[Captain Corea]

[red_devil]

[itaewonguy]

I doubt very much you would get one as a hakwon teacher..
now if you work for a big company and earn over 5 million and have a record of it and have a 2 year contract and show you have been earning that much for the past few years, have savings, and no credit card debt, and the company will vouche for you, then MAYBE! , really maybe...
but don't count on it..

why would a bank give you 100 million won and risk you jumping on a plane to thailand...

or maybe if the bank contracts directly with the apartment owner then this might work...

goodluck...

[sjk1128]

Thanks for the responses, though, of course, they were not exactly what I was hoping for.

The reason I thought some bank, somewhere in Korea might consider loaning me the money is the same one that they do it for Koreans all the time: the jeonse loan is secured by the jeonse deposit itself. In other words, when the rental contract expires, the bank can get back any money that I have not paid off before I do. Also, there's insurance to cover jeonse deposits in case the property owner goes bankrupt, so the money is still protected.

I am here on a temporary visa in that I am not a permanent resident. However, I have been in Korea for almost 5 years, earn over 4 million/month legally, have had my own apartment for almost 4 years, a car for 3, work at a fairly reputable university in seoul, have had a Korean credit card for more than 3 years, and have never been late on any of my bills: rent, utilities, credit cards, etc. I can contribute 30 million for the jeonse on the place I want to rent. I want to borrow the other half from a bank in Korea. (I intend to soon move to a neighborhood in Gyeonggido where I can rent a nice apartment for 60 million jeonse.)

Of course, if I cannot find a bank that will loan me the money, I will just do weolse AGAIN. It's just frustrating not having the same option that most Korean people with much worse financial "stats" than mine have. The reason I posted on this board is because we all know rules vary from bank to bank, branch to branch, loan officer to loan officer, etc. It all seems very random. I know it's a long shot, but it also doesn't seem so completely illogical to me. Now, if anyone can help me find a banker who agrees with me, I'll be set. So... if anyone has found a bank that was willing to loan a foreigner (not married to a Korean) part of a jeonse deposit, I'd love to hear from you.

[climber159]

Have you been to a bank to inquire yet?

[big_fella1]

[tzechuk]

Anyone can get a loan in Korea - what you need is a GUARANTOR.

If your hagwon owner, or anyone with good credit, is willing to co-sign the loan guarantee with you, then you can get a loan.

[itaewonguy]