[DigitalToday reporter Ji-young Lee] Naver Pay (Npay) opened its Loan Interest Rate Care service on Wednesday, which automatically handles users’ exercise of their right to request an interest-rate cut.

Loan Interest Rate Care uses mydata to detect users’ personal financial improvements, such as assets or credit scores, to help reduce interest burdens. It files applications on users’ behalf to lenders where they have taken out loans and automatically manages rates.

Users can apply once on Naver Pay and continue to have Loan Interest Rate Care applied to their existing loans. Application results are provided each month via Naver app alerts in line with each lender’s schedule for approving interest-rate cut requests.

If an interest-rate cut is confirmed, the lower rate is automatically applied from the next interest payment date. If the rate is not cut, the service provides guidance to help increase the chances of approval.

For example, if a user is not actively conducting financial transactions with the lender, it recommends increasing deposits or balances, or adding automatic transfer transactions. If a credit score does not change, it links users to Naver Pay’s Credit Score Booster service to help raise the score.

A Naver Pay official said, "With the launch of the Loan Interest Rate Care service, we will continue to provide various innovative financial services that can reduce users’ financial burdens, including Naver Pay’s Loan Comparison service that allows users to compare loans from various financial institutions, Naver Pay’s Loan Refinancing service that allows users to switch to products with lower rates, and a Credit Score Management service that helps users manage credit scores to obtain loans on more favorable terms."