Finda: Individual Business Owner Loan Refinancing Up 1,084% in One Year

Number of Contracts Up 9.4 Times
Expansion of Refinancing Loan Infrastructure
"Improved Loan Terms for Business Owners"

Fintech company Finda announced on the 30th that the amount of refinancing loans taken out by individual business owners using its platform has increased nearly twelvefold over the past year.

According to Finda, the total loan amount refinanced by individual business owners for loan purposes in the first half of this year increased by 1,084% compared to the same period last year. The number of refinancing contracts also rose by 843%.

The increase in refinancing loans for individual business owners was attributed to the improvement of loan conditions through refinancing.

In the first half of this year, individual business owners using Finda lowered their interest rates by an average of 0.95 percentage points through refinancing. In particular, the average loan limit reached 51.17 million won, more than four times (304%) higher than the same period last year (12.67 million won).

The expansion of the individual business loan product portfolio, including the industry’s first launch of the ‘KB Sajangnim+ Exclusive Section,’ also contributed to these results. Individual business owner customers benefited by refinancing their loans to lower interest rates and increase loan limits.

As of the end of the first half, the number of loan products available to individual business owners on Finda was 186, a 13.4% increase compared to the same period last year (164 products).

Having brokered over 2.8 trillion won in cumulative refinancing loans, Finda became the first in the industry to introduce a refinancing guarantee system in 2022.

Finda plans to accelerate its efforts to target the business owner refinancing loan market by leveraging its industry-leading expertise in refinancing loans.

A Finda representative stated, “Recently, discussions have been positive regarding the expansion of the refinancing loan infrastructure to include individual business owner loans, following our services for credit loan and mortgage refinancing,” and added, “We will continue to help more business owners improve their loan conditions and support their business operations through our platform in a non-face-to-face manner.”