Finda's Saitdol Loan Brokerage Up 17% in August from Previous Month

Most Users in Their 40s, Majority Have Credit Scores in the 600s

Fintech company Finda announced on the 15th that the amount of Saitdol loan brokerage in August increased by 17.7% compared to the previous month, based on an analysis of this year's Saitdol loan trends among its users.

Even compared to June, before the full implementation of lending regulations, the amount was 10.6% higher.

The Saitdol loan is a mid-interest rate policy product for individuals with medium to low credit scores, supplied with a 100% guarantee from SGI Seoul Guarantee. It is offered by financial institutions such as banks, savings banks, and mutual finance companies.

In June, Finda expanded its brokerage of first-tier financial institutions by newly listing the Saitdol loan from Kwangju Bank. The amount of Saitdol loan agreements through first-tier financial institutions increased every month from April to August.

As more first-tier financial institution products became available, the terms for Saitdol loans among Finda users also improved. From January to August this year, the average Saitdol loan agreement amount per user was 7.7 million won, up about 5.5% from last year’s 7.3 million won. During the same period, the average agreed interest rate was 12.1%, down 2.3 percentage points from 14.4% a year earlier.

The average credit score of users who received Saitdol loans through Finda this year was 744. By detailed credit score range, 7.2% had scores in the 900s or higher, 15.1% in the 800s, 32.1% in the 700s, 39.9% in the 600s, and 5.8% in the 500s or lower. The proportion of medium to low credit users with scores below 900 was 92.8%.

By age group, 11.3% were in their 20s, 29.9% in their 30s, 35.6% in their 40s, 20.0% in their 50s, and 3.3% were 60 or older, meaning that 4 out of 10 users (41.1%) were in their 20s or 30s. The average age was 42.

Lee Hyemin, co-CEO of Finda, said, "As the demand for non-face-to-face policy loan products increases, we will continue to introduce Saitdol products to support financially vulnerable groups."