"First Among Loan Comparison Platform Companies"
Fintech company Finda announced on October 13 that it is launching its "Excellent Loan Brokerage Service for Licensed Moneylenders."
Finda explained that it has become the first loan comparison platform company to broker loan products from certified excellent moneylenders for low-credit borrowers, as recognized by financial regulatory authorities. This achievement precedes competitors such as Toss, KakaoPay, Naver Pay, and KakaoBank.
The excellent moneylender program is a system that provides incentives to moneylending companies that meet lending requirements for low-credit borrowers. These incentives include benefits such as access to bank funding and listing on loan comparison platforms.
According to the Korea Loan Finance Association, only 24 institutions are registered as excellent moneylenders with the Financial Supervisory Service, accounting for just 0.9% of the total 2,810 moneylenders.
Finda has formed partnerships with 14 excellent moneylenders. The total number of partner companies has increased to 88, the highest in the industry.
The range of partner products has also expanded. Finda now offers 30 types of loans, including unsecured loans, secured loans, and personal rehabilitation loans. The company plans to continue increasing the number of partners even after the service launch.
Finda believes that this service will serve as a financial safety net for low-credit borrowers who have been denied approval for all products from traditional financial institutions.
Since only products with interest rates below the legal maximum of 20% are brokered, this increases the options available to customers who cannot access loans from licensed moneylenders. It also helps prevent low-credit borrowers from being pushed into illegal private lending.
Lee Hyemin, Co-CEO of Finda, stated, "Financially vulnerable groups should not be forced into illegal private lending due to stricter loan regulations and lower approval rates at financial institutions," adding, "Through Finda, people will be able to access legal loans."
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