Toss Bank-Gwangju Bank 'Together Loan' Surpasses 150 Billion Won

62 Days After Release

Toss Bank and Gwangju Bank announced on the 30th that the supply amount of the "Together Loan," the first joint loan service provided by financial institutions, has exceeded 150 billion KRW. This was achieved 62 days after its launch.

This product offers an interest rate of 5.88%, which is on average 1.13 percentage points lower than the respective unsecured loan rates of Toss Bank and Gwangju Bank. Additionally, the loan limit is 30.1 million KRW, 1.55 times higher than the average loan amount of 19.48 million KRW for both banks' unsecured loans. The Together Loan is also available to customers with a credit score in the 600s (based on KCB standards).

The Together Loan is the first innovative financial product resulting from collaboration between an internet bank and a regional bank, targeting salaried workers for unsecured loans. Toss Bank and Gwangju Bank each bear 50% of the loan funds, while Toss Bank handles loan execution and management. According to Toss Bank, loans can be obtained through the Toss Bank application within as little as 1 minute and 30 seconds, and more than half (53%) of customers who newly used loans in a day chose the Together Loan.

A representative from Toss Bank stated, "The Together Loan, the first attempt in the financial sector, complies with household debt management policies by distributing loans between the two banks, while providing high-quality loans to customers in demand. Since it was launched with strong interest and support from financial authorities, we will strive further to expand collaboration and the value of coexistence with other banks."