SBI Savings Bank's livelihood stability loan, offered on Finda, has topped 13,000 credit-limit checks in the month since its launch. The average loan amount per contract was 8.8 million won, or 88 percent of the 10 million won maximum. Demand for living expenses was seen mainly among users with credit scores in the 600s.

Finda said on July 31 that SBI Savings Bank's livelihood stability loan logged 13,000 limit checks within a month of launch. The approval rate for limit checks was 98.3 percent. The conversion rate from loan applications to signed contracts was about 60 percent.

The product averages about 600 limit checks per business day. The day after launch, it recorded a daily high of 785 checks. Contracts executed over the first three days after launch accounted for about 22 percent of total executed volume.

The approval rate for limit checks was 98.3 percent. Of 1,400 loan applications over about a month, 820 resulted in signed contracts. The contract conversion rate was about 60 percent.

The average loan amount per contract was 8.8 million won, or 88 percent of the 10 million won maximum. Finda analysed this as reflecting demand to secure relatively small amounts of funds, such as living expenses, as the threshold for household lending has risen.

By day of the week, usage was highest on Tuesdays, with applications concentrated on Mondays and Tuesdays. Monday limit checks rose by more than 35 percent, from about 440 in the first week after launch to about 600 in the third week.

Limit checks by credit score were concentrated in the 600 to 900 range. At the application and contract stages, users with scores in the 600s had the highest share at about 62 percent.

Mi-young Kim (김미영), a business development director at Finda, said, "As the threshold for household lending rises, demand is emerging for livelihood stability loans that are executed up to about 90 percent of the maximum limit." She added, "We will add products from a variety of financial companies to broaden customers' range of choices."