KakaoBank Surpasses 50 Billion KRW in Personal Business Guarantee Loans

One Month After Launch in May
"Impact of Non-Face-to-Face Loans and Guarantee Fee Support Benefits"

KakaoBank announced on the 5th that the supply amount of personal business owner guarantee certificate loans exceeded 50 billion KRW within one month of its launch.

KakaoBank launched the personal business owner guarantee certificate loan on May 25 and made the execution process 100% non-face-to-face so that business owners who relatively lack credit and collateral can receive financial support quickly and conveniently. Customers who visited the foundation and received approval for guarantee screening can also execute loans non-face-to-face without visiting financial institutions.

In addition, for the first time among internet-only banks, it became possible to handle not only system automatic screening products (Ontact Special Guarantee) but also products requiring personal screening by foundation staff (Re-startup and Medium Credit Small Business Special Guarantee).

Customers who execute personal business owner guarantee certificate loans are also supported with a 50% discount on guarantee fees. It was found that customers saved an average of 270,000 KRW per person in guarantee fees over the past month. KakaoBank plans to continue the guarantee fee support benefit until the end of the year to reduce the burden on small business owners.

A KakaoBank official said, “Despite being a latecomer in guarantee certificate loans, we recorded such results within one month due to the ability to execute non-face-to-face loans and the 50% discount benefit on guarantee fees,” adding, “We will continue to practice inclusive finance by expanding financial support that empowers small business owners and steadily provide services essential to personal business owner customers.”