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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.

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.