'Favorable Loan Products at a Glance' Personal Business Owner Comparison Disclosure Service from the 23rd

Easily Check Favorable Products Without Visiting Multiple Financial Companies Directly
Expected Improvement in Financial Services Due to Promotion of Healthy Market Competition

Busy self-employed individuals will be able to easily compare loan interest rates and other terms at a glance without having to visit multiple financial institutions in person, allowing them to quickly find products that are advantageous to them.

On the 22nd, financial authorities announced that, in collaboration with six financial associations and central organizations, they will launch a personal business loan product comparison disclosure service starting on the 23rd. This measure responds to feedback that, unlike typical household loan products, personal business loans have diverse characteristics by product, making it difficult for busy self-employed individuals to search for and compare options one by one.

This service will involve financial companies subject to the Financial Consumer Protection Act that handle personal business loans, including banks, savings banks, credit finance companies, insurance companies, and credit unions. In addition to general loan products offered by financial companies, policy finance products handled through agreements or proxy loans with guarantee institutions are also included.

Considering the diverse characteristics of each product, the search criteria have been subdivided, and a ‘Detailed Information’ feature has been added to allow users to check the specifics of products they are interested in. The search screen provides 10 types of search conditions such as fund usage, eligibility, loan type, product classification, and required amount to help users easily find desired products. A terminology help feature is also provided for users unfamiliar with financial terms.

On the results screen, product information is presented uniformly to allow users to grasp and compare products at a glance, and a customized sorting function is offered. By clicking the detailed information button of an interested product, users can view detailed information such as average interest rates by credit score range and preferential interest rate conditions.

This is expected to reduce the time and cost required in the initial stage of product exploration and enable rational product selection. Furthermore, as it becomes easier to compare similar loan products handled by financial companies, healthy price competition and market autonomy are expected to be promoted. This will likely lead to the release of products reflecting the needs of self-employed individuals, resulting in overall improvements in financial services.

A financial authority official stated, "We will continuously monitor, supplement, and improve the system to ensure stable operation. At the same time, we will actively listen to the voices and difficulties of self-employed individuals in the field to ensure that they do not experience any inconvenience in using financial services."