Lendit, First Personal Credit P2P Company to Surpass 200 Billion KRW in Cumulative Loans

[Asia Economy Reporter Kim Min-young] P2P lending company Lendit announced on the 3rd that it has surpassed a cumulative personal credit loan handling amount of 200 billion KRW in 4 years and 9 months since the start of its service.

It is the first time in the P2P industry that the cumulative loan amount has exceeded 200 billion KRW solely through personal credit loans. The company lends up to 50 million KRW to loan customers and offers mid-interest rate loans with an interest rate ranging from a minimum annual rate of 4.5% to an average in the low 10% range. All services are conducted online and non-face-to-face.

Since starting the loan service in May 2015, the company has focused on developing a credit evaluation model specialized in personal credit loans. Lendit stated, "We analyze the credit information and financial records of loan applicants based on about 300 types of financial information provided by credit rating agencies," and added, "By introducing a machine learning evaluation model, we have developed a system that applies significantly more variables, enabling more precise credit evaluations."

Lendit CEO Kim Sung-joon said, "Based on the data accumulated from handling 200 billion KRW in mid-interest rate loans over the past 57 months, we will continuously advance the evaluation model to more accurately calculate personalized appropriate interest rates for borrowers," and added, "We will innovate the domestic 300 trillion KRW personal credit loan market and continuously expand the share of mid-interest rate loans."