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Finance

Daol Savings Bank launches cost-of-living stabilisation loan for mid-to-low credit borrowers

Daol Savings Bank has launched a new loan product aimed at mid-to-low credit borrowers to help them secure funds for living expenses. The Daol mid-interest-rate cost-of-living stabilisation loan targets customers in the bottom 50 percent by credit score and offers up to 10 million won. Interest rates range from 5.9 to 15.27 percent a year, with terms of up to 120 months. Borrowers must use funds for living stabilisation purposes and sign an agreement including restrictions such as limits on home purchases.

Finance

Small business credit scores to factor in sales, trading areas; 16 banks to apply 2.2 trillion won

A new credit scoring system for small business loan screening will start operating from late August, evaluating future growth potential using data such as sales, local trading areas, employment and online activity in addition to the owner’s past financial history. The scope will expand from 7 banks and 1.8 trillion won to 16 banks and 2.2 trillion won. Authorities also plan to use the model for a dedicated loan product and future guarantee reviews.

Finance

Mid-rate livelihood stability loan launched for mid-to-low credit borrowers, up to 10 million won

South Korea has launched a mid-rate livelihood stability loan for mid-to-low credit borrowers in the bottom 50 percent of credit scores. The unsecured loan allows up to 10 million won per borrower across all financial institutions. Initial providers include six savings banks. Interest rates range from 5.9 percent to 15.27 percent, depending on borrowers’ credit profiles and lenders’ systems. Borrowers must agree not to buy a home for 1 year or until full repayment.