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Finance

Finda says SBI Savings Bank livelihood stability loan tops 13,000 limit checks in a month

Finda said SBI Savings Bank\'s livelihood stability loan on its platform logged more than 13,000 credit-limit checks within a month of launch. The approval rate for limit checks was 98.3 percent, and about 60 percent of applications converted into signed loan contracts. Average loan size per contract was 8.8 million won, or 88 percent of the 10 million won maximum. Activity was concentrated on Mondays and Tuesdays, with demand centered on users with credit scores in the 600s.

Fintech

On2U firms, savings banks linked-investment loans top 500 billion won, expand lending to mid-low credit borrowers

Cumulative personal credit loans jointly supplied by online investment-linked finance firms and savings banks have exceeded 500 billion won, with most users classified as mid-to-low credit borrowers and the delinquency rate below 1 percent. The Korea Online Investment-Linked Finance Association put the total at 502.2 billion won as of July 3. It said the average interest rate is 11.95 percent a year and the average borrower credit score is 739.

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.