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Finance

6 online lending firms call for standards for big conglomerate and large platform entry

Six online investment-linked lending firms that participate in financial institution-linked investments said separate standards are needed as major conglomerates and large financial platforms and institutions prepare to enter the sector. They said conflicts of interest and distorted competition could arise, especially if a powerful group runs both loan comparison and brokerage services and online lending. They also said current caps and approval procedures limit new funding, risking intensified competition for limited resources.

Finance

KPL to cut personal loan rates by 1 percentage point for new mid-to-low credit borrowers

PFCT, operator of the online investment-linked finance platform KPL, is running a promotion offering new personal credit loan users a 1 percentage point interest-rate discount. KPL said on Sept. 2 it will provide a 1 percentage point rate discount coupon to new users through Sept. 30. The promotion applies to new customers who take out loans directly on KPL without using external loan comparison platforms.

Finance

Eight Percent cumulative investments top 20 million, average annual return 10.3 percent

Eight Percent, a peer-to-peer finance company, said cumulative investments in its loan claims have surpassed 20 million. It said total funds invested in the loan claims amount to 1.46 trillion won. The company offers products backed by real estate collateral, personal credit and securities account collateral, and spreads risk by allocating investor funds across multiple loan claims. It said the products’ average annual return is 10.3 percent.