PFCT Launches Long-Awaited Linked Credit Loans with Savings Banks in P2P Sector

Sale of Loan Products for Mid- and Low-Credit Borrowers

PFCT, the leading company in online investment-linked finance (P2P), announced on May 27 that it will begin offering unsecured credit loan products for mid- and low-credit borrowers starting May 28, using investment funds sourced from savings banks.

The investment funds will be sourced from Daol Savings Bank, Koryo Savings Bank, Smart Savings Bank, and Seram Savings Bank, among others. The scale of funding will be gradually expanded depending on the demand for loans from mid- and low-credit borrowers.

In July of last year, the Financial Services Commission designated savings banks’ investment in P2P companies’ personal credit loan borrowers as a new innovative financial service. Since then, the two sectors have engaged in detailed discussions regarding the implementation of linked investments, and after developing the necessary IT systems, have launched a joint P2P-savings bank online mid-interest credit loan service for the public, 10 months later.

With recent surges in card loan interest rates and reductions in lending by secondary financial institutions, many ordinary people are facing financial difficulties. The launch of this product is expected to help mid- and low-credit borrowers access funding.

The product offers borrowers reduced interest rate burdens, a simple non-face-to-face loan application process, and loan disbursement within 24 hours of application. Based on PFCT’s more sophisticated and personalized artificial intelligence (AI) credit risk analysis technology, borrowers will be able to obtain credit loans with optimized interest rates and limits compared to existing savings banks.

Financial consumers who wish to check their eligibility, interest rates, and loan limits for PFCT’s personal credit loan can do so via PFCT’s mobile app ‘Creple’ starting the next day. The product will also be gradually introduced on major domestic loan comparison service platforms in the future.

Lee Suhwan, CEO of PFCT, stated, “We have implemented domestic institutional linked investment, which has long been a goal in the industry. With PFCT’s industry-leading AI credit risk and loan operation management technology, we will provide better mid-interest loan options for ordinary people and establish ourselves as a stable profit source partner for savings banks, opening a new era of ‘1.5-tier finance’ for mid- and low-credit borrowers.”