Naver Pay added KakaoBank’s sole proprietor credit loan products to its Npay Loan Comparison service, allowing users to compare sole proprietor loans from the three online-only banks, including KakaoBank, K Bank and Toss Bank, at once.
Naver Pay said on Wednesday it partnered to allow KakaoBank’s sole proprietor credit loan products to be searched on Npay Loan Comparison.
The newly linked KakaoBank sole proprietor credit loan has a minimum annual interest rate of 3.426 percent as of Wednesday, with a maximum limit of 300 million won.
Npay Loan Comparison is a service that lets users compare interest rates and limits offered by financial companies such as banks, savings banks and capital companies for credit loans, home-backed loans and rent deposit loans. A total of 17 top-tier banks have partnered with Naver Pay for its credit loan comparison service.
With the partnership, Naver Pay can now compare sole proprietor credit loan products from all three online-only banks together.
Naver Pay also plans to expand its partnerships with financial companies and increase the use of its alternative credit scoring model, called Npay Score.
It is also preparing a service that directly uses Npay Score at the loan screening stage. Naver Pay was designated in August as an appointed agent for K Bank and Welcome Savings Bank’s “non-financial data-based credit loan screening service,” and plans to launch an Npay Loan Comparison-exclusive product within the year based on that.
A Naver Pay official said, “We will expand our lineup of partner financial companies and continue to introduce financial services using Npay Score.”