Loan products preferred by mid-to-low credit borrowers vary clearly by credit score range, data showed.
Finda said on Wednesday that an analysis of first-quarter data over the past three years showed users with credit scores in the 400 to 800 range mainly used unsecured and secured loans and policy finance products such as Haetsal Loan.
According to Finda, borrowers in the 400 range mainly searched for top-tier lender products, while those in the 500 to 600 range mainly searched for Haetsal Loan and auto-secured loan products.
By contracted amount, unsecured loans, auto-secured loans and policy finance products including Haetsal Loan, Saitdol and New Hope Seed accounted for a large share across the entire 400 to 800 range.
Finda CEO Hye-min Lee (이혜민) said tailored product matching is important as mid-to-low credit borrowers also have different preferences by credit score range. She said Finda will upgrade a lineup of products, including policy finance products, to help address blind spots in financial services.
Ji-young Lee
ljy@d-today.co.kr