Lotte Card Launches MyData-Based "Delegated Interest Rate Reduction Request Service"

Lotte Card announced on the 26th that it has launched a "Delegated Interest Rate Reduction Request Service," which submits customers' loan interest rate reduction requests on their behalf.

The Delegated Interest Rate Reduction Request Service is a service in which Lotte Card periodically checks, on behalf of customers, whether the interest rates on loans from financial institutions linked to its MyData service can be lowered, and automatically submits requests when the conditions are met. Customers can apply for the service under "Assets" in the Lotte Card Digiroka App.

Using various asset information linked through MyData, Lotte Card monitors changes in customers' credit status, such as income increases, debt decreases, and credit score fluctuations. If it determines that a customer is eligible to request an interest rate reduction, it submits such a request to the financial institution once a month on the customer's behalf. In particular, if the financial institution does not accept the request, Lotte Card plans to inform the customer of any required supplementary measures.

The Delegated Interest Rate Reduction Request Service was designated as an innovative financial service in December as part of the "Improvement Plan to Ease Financial Costs for Small Business Owners" announced by the Financial Services Commission in September last year. Lotte Card joined the initiative as an innovative financial service provider in support of the aim to reduce customers' interest burdens and promote inclusive finance. In addition, by using its sole proprietors' platform "My Store (Selly)" to introduce this service, the company plans to actively support the reduction of financial costs for small business owners and sole proprietors.

A Lotte Card representative said, "We introduced this service so that customers do not miss the opportunity to use their right to request interest rate reductions due to cumbersome procedures or poor timing. Once they sign up, the interest rate reduction request will be submitted automatically," adding, "Through convenient applications and detailed guidance, we aim to help ease the financial cost burden for both My Store businesses and households."