Toss Launches Auto-Application Service for the "Right to Request Interest Rate Reduction"

Toss announced on the 5th that it will launch an interest rate reduction auto-application service, which analyzes a user's credit status in real time and automatically applies for an interest rate cut when a reduction becomes possible.

This service was prepared as part of an innovative financial service designated by the Financial Services Commission at the end of last year. It is intended to reduce the inconvenience of consumers having to check changes in their own credit status and apply to each financial institution one by one, and to prevent cases in which they miss the right time to apply due to work or business and therefore fail to receive the benefits.

Once the user gives consent just once for the interest rate reduction auto-application service, Toss analyzes in real time the user's credit improvement signals, such as financial assets collected through MyData, income increases, debt decreases, and higher credit scores. When it detects the optimal timing at which the interest rate can be lowered, it automatically requests an interest rate cut from the financial institution on behalf of the user. The scope also includes loan products from other financial institutions that are connected through MyData.

Another feature of this service is that it continues to monitor the user's credit status even if an interest rate cut is not immediately accepted. If further credit improvement is confirmed later, the service automatically reapplies so that customers do not miss any opportunity for a rate reduction.

A Toss representative said, "With the designation of this innovative financial service, we are now able to provide practical help to financial consumers who have been unable to exercise their rightful benefits due to complicated procedures and lack of information," adding, "We will continue to introduce services that reduce customers' financial costs by leveraging MyData and Toss's technological capabilities."