Finda Releases Asset Management Report: "Managing 120 Trillion Won in Loans"

Average Interest Rate at 7.4%
Average of 3.5 Loans per User

Fintech company Finda announced on May 7 that the total loan amount managed through its AI-based loan comparison platform 'Finda' surpassed 119 trillion won as of last month.

Given that the total household loans in the fourth quarter of last year amounted to 1,800 trillion won, Finda manages approximately 7% of all household loans in South Korea. Since the launch of its loan management service in December 2020, the cumulative amount managed has exceeded 274 trillion won.

Finda loan management users also entrust and manage loans received from sources other than the Finda application through the platform. On average, each user whose loans are managed by Finda holds 3.5 loans, with an average loan amount of approximately 36.34 million won. The average interest rate on loans under management was calculated at 7.4%.

Users who actively utilize Finda's loan management service have, on average, 0.73 fewer loans than the overall user base. Their average interest rate is also 1.06 percentage points lower.

A Finda representative explained, "This is because users find better loan terms through Finda and refinance, or reduce the number of loans they hold through comprehensive refinancing, thereby managing their cash flow more meticulously."

Park Hongmin, co-CEO of Finda, stated, "Our service helps enrich users' financial lives by enabling them to manage fixed expenditures such as loan repayments and credit card bills?which make up a significant portion of personal cash flow?at a glance," adding, "We plan to introduce even smarter features going forward."

Meanwhile, Finda operates a 'Financial Life' tab on the main screen of its app from the perspective that 'loans are also assets.' The platform provides notifications for due dates along with details such as loan amounts and credit card payments. With a single MyData connection, users can view all their cash asset details?including loans, cards, deposits, and savings?at a glance through Finda.