Search results for Saitdol
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
Woori Financial steps up support for youth, middle-to-low credit borrowers with inclusive finance platform launch
Woori Financial Group is expanding financial support for young people and middle-to-low credit borrowers by increasing the supply of policy loans and rolling out new products. It reviewed inclusive finance results and future tasks at a May meeting in Seoul. Woori Bank supplied 218.6 billion won in Saehopeum Holssi loans in the first quarter and provided interest relief and waivers. The group plans to launch a loan-switching product and an inclusive finance platform, while widening regional microfinance support.
Finance
Finda says mid-to-low credit borrowers prefer policy loans for unsecured and secured lending
Finda said loan preferences among mid-to-low credit borrowers are clearly split by credit score range. Based on an analysis of first-quarter data over the past three years, users with credit scores in the 400 to 800 range mainly used unsecured and secured loans and policy finance products such as Haetsal Loan, it said on Wednesday. By contracted amount, unsecured loans, auto-secured loans and policy products accounted for a large share across the range.
