Finda's cumulative contracted amount for its loan brokerage service for preferred subprime lenders has surpassed 100 billion won about 10 months after launch. About 90% of users were mid-to-low credit borrowers with credit scores in the 500 to 700 range.

Finda said the cumulative contracted amount for its preferred subprime-lender products was tallied at about 101 billion won as of Aug. 26.

Finda began brokering loan products from preferred subprime lenders in October last year. It currently partners with 17 of the 23 preferred subprime lenders selected by the Financial Supervisory Service and operates 31 products.

Financial authorities run an "incentive system for preferred subprime lenders" to allow subprime lenders that handle low-credit loans above a certain level to raise funds from the banking sector.

Finda's contracted amount for its preferred subprime-lender products rose 17.0 percent in both the first and second quarters of this year from the previous quarter. Since the service launched, cumulative credit-limit checks total about 800,000 cases and loan applications 200,000 cases.

Finda explained that contracted amounts in June and July, when household loan regulations were tightened, hit their highest level since the service launched. Credit-limit checks also rose to about 100,000 in July from 78,000 in June, the highest monthly total since launch.

Among customers who visited Finda, the share that proceeded to a credit-limit check for the preferred subprime-lender products rose to 60% from 40% in the early days of the service. Of customers who received credit-limit approval, the share that went on to apply for a loan held at around 50%.

Users were concentrated among mid-to-low credit borrowers. An analysis of credit scores for customers who checked their limits showed scores in the 500 to 700 range accounted for about 90% of the total.

Finda CEO Hye-min Lee (이혜민) said, "We have provided a new option for mid-to-low credit borrowers who found it difficult to get loan opportunities in the financial sector due to tighter loan regulations." She added, "We will continue to precisely analyse customers' financial situations and broaden opportunities for financial choices."