KakaoPay added sole proprietor loan products from KakaoBank and Toss Bank to its loan comparison service. With the two banks joining existing partner K-Bank, users can compare loan rates and limits from three internet-only banks at once.

KakaoPay said on Sunday it expanded partner products on its loan comparison service to broaden financial product choices for sole proprietors.

The newly added products are KakaoBank’s sole proprietor unsecured credit loan and mortgage loan, and Toss Bank’s sole proprietor unsecured credit loan.

KakaoPay’s loan comparison service allows users to compare rates and limits from a range of financial firms, including commercial banks, internet-only banks, savings banks and capital firms, for products such as unsecured credit loans, mortgage loans and jeonse and monthly rent deposit loans.

Customers can compare loan terms on KakaoPay without using multiple financial firms’ apps separately, and then move to the application screen for the product they want.

KakaoPay expects the expanded partnership to provide more opportunities to choose from a wider range of loan products for sole proprietors with mid-to-low credit and small self-employed business owners.

It is also pursuing integration with a credit management service for sole proprietors. The company will provide a function that lets users view business credit scores and loan, card and delinquency information at a glance and check in advance the likelihood of approval for sole proprietor loan products.

KakaoPay plans to link the service with its loan comparison service so customers can manage their credit status in normal times and compare suitable loan products when they need funding.

A KakaoPay official said, "Sole proprietors face difficulties because they have to manage funding and credit as well as focus on running their businesses." The official added, "We will continue to connect loan products from various financial firms and enhance the credit management service, and we will actively support sole proprietors so they can use the financial services they need more easily and conveniently."