Japanese bank to offer divorce loans

As many people are well aware, the divorce process can be very expensive. However, it appears that the cost of a legal separation may be lessened for some couples from Japan after a bank has decided to offer unsecured loans to cover the legal costs of the proceedings.

The Ogaki Kyoritsu Bank will begin offering the loans, which have been specially designed for those going through a marital separation, as of Monday, October 1st and according to the Mainichi Daily News this is the first time that a bank has offered a loan specifically for couples who are getting divorced.

After receiving feedback from customers the bank will now provide loans of between JPY100,000 (£400,000) and JPY5 million (£21,000) to cover the division of assets after divorce, compensation payments and legal fees.

Customers aged between 20 and 65 with an average income of JPY2 million (£8,000) or more will be eligible to apply for the loans, which will have a maximum period of seven years.

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