Busan Bank Launches Speed Loan: Mobile Credit Loans Approved in 90 Seconds

If You Are a Busan Bank Customer, No Proof of Documents or Transaction Records Needed
Instant Loan Available According to Predefined Conditions with Only Mobile Banking App Installed

[Asia Economy Reporter Park Sun-mi] BNK Busan Bank launched a new online and offline loan product called ‘Speed Loan’ on the 7th, allowing customers to quickly and conveniently access necessary funds.

Speed Loan is available to Busan Bank customers who receive a pre-approved credit limit and interest rate through a monthly pre-screening at the end of each month. Upon the customer's request, the loan can be executed easily without additional documents or re-screening. Especially when using the product through the BNK Busan Bank mobile banking app, the entire process from application to execution can be completed within 90 seconds without visiting a branch.

Salaried employees can borrow up to 30 million KRW, while self-employed individuals or those with other income sources can borrow up to 20 million KRW. The loan interest rate can be as low as 5.87% (as of December 7). Loan repayment options include lump-sum repayment, installment repayment, and overdraft loans, with loan terms ranging from a minimum of 6 months to a maximum of 5 years depending on the repayment method.

Son Dae-jin, Head of Credit Sales at Busan Bank, stated, “This is a credit loan product that customers who urgently need funds can use quickly and conveniently.” He added, “Busan Bank will continue to provide differentiated financial services centered on customers as a reliable partner in the regional economy.”