The online mortgage loan comparison platform ‘Bankmall’ announced on the 29th that it has signed a business consignment contract with Together Funding.
As of the 29th, it has become possible to compare mortgage loans 100% non-face-to-face on the Bankmall platform, including commercial banks, insurance companies, savings banks, as well as P2P loans. Together Funding’s mortgage loan products can be used up to 85% of the market price (senior/subordinate apartment mortgage loans) regardless of real estate regulations, credit scores, or employment status.
Both companies are registered with the financial authorities in accordance with the Financial Consumer Protection Act and the Online Investment-Linked Finance Business Act. These two laws, commonly called the Financial Consumer Protection Act and the OnTu Act, share the purpose of protecting financial consumers.
Together Funding is registered with the financial authorities in accordance with the Online Investment-Linked Finance Business Act. Businesses operating OnTu services without registration with the financial authorities are subject to penalties.
One of the problems in Korea’s mortgage loan market is the interest rate gap phenomenon, where the mid-interest rate loan market is vacant. As a result, not only mid- and low-credit borrowers but also financial consumers who need subordinate apartment mortgage loans due to real estate regulations suffer from high-interest loans. Commercial banks have an obligation to maintain soundness standards, making it difficult to increase mid-interest rate loans.
On the other hand, P2P loans registered under the OnTu business are not subject to soundness regulations, becoming a primary supply source for mid- and low-credit borrowers and financial consumers who need mortgage loans but face difficulties due to real estate regulations.
A Bankmall official stated, “Following FM Funding, through the business consignment contract with Together Funding, the No. 1 company in the P2P industry, it has become possible to compare reasonable mid-interest mortgage loans comparable to savings banks for financially marginalized groups who tend to be pushed into the high-interest market,” adding, “We will continue to strive to provide mortgage loan comparison services for financially marginalized groups.”
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