Finda: Non-face-to-face Home Mortgage Loans for People in Their 50s and 60s Reach 100 Million Won, Interest Rate at 7.98%

One in Four Loan Customers Are in Their 50s or 60s
Interest Rates 0.5% Lower Than Those in Their 20s and 30s
"The New Middle-Aged Generation Emerging as the Core of Non-Face-to-Face Loans"

An analysis has found that people in their 50s and 60s, often referred to as the "new middle-aged" generation, are emerging as the main demographic in the non-face-to-face loan market.

On July 17, fintech company Finda announced that users in their 50s and 60s are securing non-face-to-face loans on the most favorable terms among all age groups.

According to Finda, users in their 50s and 60s accounted for 23% of all users who took out loans through Finda in the first half of the year.

The average contracted loan interest rate for people in their 50s and 60s was 12.51%, which is 0.49 percentage points lower than the 13% rate for those in their 20s and 30s. The average contracted loan amount was 13.36 million won, 9.8% higher than the 12.17 million won average for those in their 20s and 30s.

By generation, the lowest average contracted interest rate was among those aged 60 and above (12.14%). The highest was among those in their 20s (13.01%).

The highest average contracted loan amount was among those in their 50s (14.55 million won), while the lowest was among those in their 20s (10.84 million won).

The highest credit score was recorded by those in their 60s (716 points), while the lowest was among those in their 50s (698 points).

It is noteworthy that the loan conditions for people in their 50s and 60s have improved the fastest over the past year.

The average rate reduction for people in their 50s and 60s was 7.03 percentage points, about 60% greater than the 4.27 percentage point reduction for those in their 20s and 30s.

Specifically, the largest reduction was seen among those in their 60s (8.72 percentage points), followed by those in their 50s (5.27 percentage points). The reduction effect decreased in the order of those in their 40s (5.11 percentage points), 30s (5.04 percentage points), and 20s (3.49 percentage points).

Finda users in their 50s and 60s were also actively engaged in the workforce.

In the first half of last year, 7 out of 10 users in their 50s and 60s who took out loans through Finda (70.2%) were salaried employees. This was followed by other income earners (11.5%), self-employed individuals (11%), freelancers (5.9%), and public servants (1.3%).

The average contracted home mortgage loan amount for users in their 50s and 60s was about 95.28 million won, approaching 100 million won. The average contracted interest rate for these loans was 7.98%.

Lee Hyemin, co-CEO of Finda, stated, "The senior generation, previously considered marginalized in digital finance, is now establishing itself as a core customer group," adding, "We will continue to introduce relevant products and services so that users in their 50s and 60s, who are at a stage of planning their 'second act in life,' can access loans on favorable terms."