Kakao Pay Supports Early Repayment Fees for Loan Refinancing... Industry First

Up to 300,000 KRW in Fees Fully Covered

Kakao Pay announced on the 10th that it will be the first financial platform to support early repayment fees when refinancing loans.

This promotion was planned to alleviate users' loan burdens and practice beneficial finance in line with the policy direction to reduce early repayment fees implemented in January.

It is targeted at unsecured loans and will run until the 31st. When users refinance their unsecured loans using Kakao Pay's loan refinancing service, they will receive 100% of the early repayment fee refunded as Kakao Pay Points. Support is available even if there are multiple loan products, with a maximum support of 300,000 KRW per person.

Early repayment fees, which occur based on the balance and period when repaying loans early, are especially burdensome for users trying to refinance loans during interest rate reduction periods. The company expects this promotion to help alleviate such burdens for users.

Regarding the service, a total of 12 banks and 28 financial companies, including the five major commercial banks for unsecured loans (KB Kookmin, Shinhan, Hana, Woori, NongHyup), are participating. Based on the largest number of MyData subscribers in Korea, it offers users optimal conditions and allows integrated comparison with new unsecured loans.

Kakao Pay stated, "This promotion is a platform-level effort to practically reduce users' loan burdens in line with the financial authorities' policy direction," and added, "We will continue to prepare innovative support measures so that users can use better financial services."