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Finance

Mid-rate livelihood stability loans spread among non-bank lenders as commercial banks hold back

South Korea\'s Financial Services Commission\'s mid-rate livelihood stability loan, introduced to support living expenses for mid- and low-credit borrowers, is spreading mainly among non-bank lenders. The product was first launched by six savings banks and has since been rolled out by additional savings banks and capital firms. Major commercial banks have not launched it separately and say plans remain undecided, though they have introduced their own mid-rate and inclusive finance products. Regulators are expanding household-loan volume management incentives for mid-rate lending, which could boost supply.

Finance

Shinhan Bank launches SuperSOL mid-rate loan for mid-to-low credit borrowers

Shinhan Bank will launch its SuperSOL Mid-Rate Loan on Aug. 21, offering a non-face-to-face mid-rate credit loan for mid-to-low credit borrowers. The product targets customers in the bottom 50 percent of NICE or KCB credit scores. Loans are available up to 20 million won per person at fixed annual rates of 5.5 to 6.9 percent, with maturities up to 36 months. Preferential rate discounts of up to 1.4 percentage points apply.