KakaoBank, Seomin Geumyung Jinheungwon 'Customized Loan' Guidance Service

[Asia Economy Reporter Kim Hyo-jin] KakaoBank announced on the 11th that it will provide a service introducing 'Customized Loans' in accordance with the business agreement with the Korea Inclusive Finance Agency on the 2nd.

The 'Customized Loan' guidance service introduces Korea Inclusive Finance Agency's 'Customized Loans' to KakaoBank loan service applicants who are not approved for loans after screening results. The service is linked through banners, internet URLs, and other means.

KakaoBank handles loan products such as 'Mid-Credit Loan', 'Mid-Credit Plus Loan', and 'Saitdol Loan'. KakaoBank also offers a 'Linked Loan' service that introduces second-tier financial institution loan products to customers who find it difficult to get loans from KakaoBank but can obtain loans from savings banks, capital companies, or card companies.

As of the end of June, KakaoBank's linked loan amount with second-tier financial institutions exceeded 3 trillion KRW. Customers eligible for KakaoBank linked loans receive preferential interest rates about 2.5 percentage points lower and more favorable limits compared to obtaining loans directly from second-tier financial institutions.

KakaoBank plans to introduce Korea Inclusive Finance Agency's 'Customized Loans' to suitable customers based on credit evaluation among loan applicants. The agency's 'Customized Loans' recommend the most favorable credit loan conditions among 1,361 loan products from commercial banks and savings banks. As of the end of last year, it supported a total of 104.181 billion KRW to 107,181 people.

A KakaoBank official said, "We hope this service linkage will improve financial accessibility for financially vulnerable groups facing a loan cliff."

Meanwhile, KakaoBank will discuss with the Korea Inclusive Finance Agency plans to provide incentives to users who have completed the agency's financial education and credit debt consulting when using KakaoBank financial services.