PFCT said on Thursday it supplied personal credit loans worth 34.2 billion won to a total of 1,576 people by raising investment funds from eight savings banks between May 29 and the end of November. The weighted average interest rate on the loans, including platform fees, was 12.2 percent. The delinquency rate was 0.2 percent, with only three delinquent cases, lower than the average for the non-bank financial sector.

Eight savings banks took part in PFCT-linked investments, including Korea, Daol, Seram, Smart, MS, OK, Incheon and Hanwha Savings Bank. The loans were indirectly handled as mid-rate personal credit loans in compliance with savings banks’ debt service ratio regulations.

According to the company, 91.7 percent of the 1,576 borrowers were ordinary people using non-bank financial institutions. The average credit score was 754. The average loan application amount was 21.71 million won, and 93.4 percent were daily-life loans for living expenses. The weighted average interest rate of 12.2 percent was lower than the average 15.9 percent rate of Sunshine Loan, a major government-backed loan product for low-income borrowers.

Lee Soo-hwan, chief executive of PFCT, said the company would do its best to encourage more financial institutions to take part in online investment-linked finance and to firmly establish PFCT as a supplier of mid-rate loans.