Kakao Pay Launches 'Jeonwolse Loan Refinancing' Service

Partnership with 5 Major Commercial Banks

Kakao Pay announced on the 31st that it has partnered with five major commercial banks, regional banks, and other financial institutions to launch a ‘Jeonwolse Loan Refinancing’ service.

Financial consumers who have Jeonwolse loans can easily compare interest rates from multiple financial institutions and refinance without having to visit bank branches in person, using the KakaoTalk or Kakao Pay applications.

Kakao Pay provides a product portfolio for all financial consumers, from those newly exploring Jeonwolse loans to those who want to refinance their existing Jeonwolse loans under better conditions. The existing new Jeonwolse loan comparison service allows users to check both policy-based low-income financial products such as the Butimok Jeonse Fund Loan and banks’ Jeonwolse loan products. The newly launched Jeonwolse Loan Refinancing service plans to offer products from the five major commercial banks to enhance user convenience, choice, and actual interest savings.

The Jeonwolse Loan Refinancing service launched today includes six financial institutions: KB Kookmin Bank, NH Nonghyup Bank, Shinhan Bank, Hana Bank, IBK Industrial Bank, and Gyeongnam Bank. Woori Bank is also confirmed to join and will be added after the service opens. Additionally, negotiations are underway to include two internet-only banks. Positive discussions with various financial institutions are ongoing to expand users’ options.

Kakao Pay focused on creating services that anyone can use easily and conveniently. The Jeonwolse Loan Refinancing service adopts the same approach, designed to be user-friendly. For users who may be unfamiliar with loan refinancing, the service flow proceeds in a chatbot conversational format. It also explains the benefits users receive in easy-to-understand terms, considering user convenience.

Lee Min-su, Head of Kakao Pay’s Loan Business Division, said, “Following credit loan and mortgage loan refinancing, we have expanded coverage to include Jeonwolse loan refinancing. We will continue to collaborate with various financial institutions to significantly increase the practical benefits users experience.”