Finda's cumulative disbursements of its mid-rate stability loan topped 16 billion won about two months after launch. About 95 percent of the total amount was provided to users with credit scores in the 500 to 700 range.

Finda said on Monday the figure was calculated from an analysis of usage of the stability loan launched in late June.

According to Finda, loans disbursed to users with credit scores in the 500 to 700 range accounted for about 95 percent of the total. Cumulative disbursements topped 16 billion won.

Usage is also rising. The daily average number of loan applications in August rose 11 percent from the previous month and increased a further 31 percent in September. Loan disbursements in September rose 21 percent from the previous month.

Finda is currently partnered with 9 financial companies, including SBI Savings Bank, for its stability loan products, including savings banks and capital companies. The IBK Savings Bank product exceeded 10,000 limit approvals within 3 weeks of being added to the platform.

The average loan amount per disbursement was about 8.6 million won out of the maximum limit of 10 million won. About half of the users who reached the loan application stage went on to an actual disbursement.

Finda CEO Hye-min Lee (이혜민) said, "We have confirmed in the numbers the effect of improving financial access for mid-to-low credit users and lowering their funding burden." She added, "We will expand our product lineup in cooperation with partner financial companies such as savings banks."