KakaoBank Fully Transitions Debt Adjustment Process to Mobile

From Application to Document Submission, All Available on the KakaoBank App
Dedicated Team Provides Personalized Counseling
Supporting Smooth Debt Adjustment for Customers

On August 25, KakaoBank announced that it has fully transitioned the debt adjustment application process to mobile in order to assist customers struggling with loan repayments.

From applying for debt adjustment to submitting documents, everything can now be completed within the KakaoBank app. This is expected to improve accessibility for delinquent customers, making the process more convenient compared to the previous ARS and fax methods.

Debt adjustment is a right specified in the "Act on the Management of Personal Financial Claims and Protection of Individual Financial Debtors," allowing customers who are overdue on loans of less than 30 million KRW to apply. Depending on the review, measures such as deferment of principal repayment, extension of maturity, modification of terms, or debt reduction may be provided.

KakaoBank plans to support smooth debt adjustment by offering one-on-one counseling to applicants through a dedicated team. The bank is also operating tailored programs for small business owners and self-employed individuals, such as the "Small Business 119 Plus Loan," "Self-Employed Restart Loan," and "Business Closure Support Refinancing Loan."

KakaoBank stated, "We will revitalize the debt adjustment system to help customers recover and expand inclusive finance," adding, "Through this, we will also continue to manage asset soundness in a stable manner."