SC First Bank Launches 'Daily Loan' for Sellers on TMON

[Asia Economy Reporter Minyoung Kim] SC First Bank announced on the 6th that it has launched ‘Daily Loan,’ a supply chain finance product for individual business owners (store sellers) selling goods on TMON, an e-commerce company, through a business partnership with TMON.

Daily Loan is a financial product in which SC First Bank advances the expected settlement amount to the seller after the seller listed on TMON’s transaction brokerage system sells goods and is to be paid by TMON. Subsequently, SC First Bank receives the settlement amount from TMON on the settlement date on behalf of the seller, automatically completing the repayment of the seller’s loan.

This product helps sellers achieve faster cash flow. Unlike the conventional practice of individual business loans secured mainly by real estate or guarantees, this product determines the loan limit by analyzing the performance and sales information of TMON’s store sellers. It is expected to be especially helpful for individual business owners who may experience temporary difficulties in cash circulation before receiving settlement payments from TMON.

The loan target is individual business owners registered as e-commerce sales members on TMON, who meet conditions such as having a business period of over one year and a transaction period with TMON of over six months. From loan execution per case to repayment, all processes can be handled directly by the store sellers through SC First Bank’s internet banking. The loan interest rate is a fixed annual rate of 5.8%, uniformly applied regardless of the credit rating of the Daily Loan applicant, and a preferential deposit interest rate of 0.2% per annum (before tax) is provided for the Damoa Biz account registered as the loan transaction account.

Kim Hwanpil, General Manager of Business Banking and Corporate Partnership Division at SC First Bank, said, “Daily Loan is a product that allows individual business owners who are TMON’s store sellers to receive financial support at a reasonable interest rate based on their sales performance on TMON without the burden of complicated loan screening procedures or collateral provision.” He added, “We will continue to expand partnerships with e-commerce companies so that individual business owners can benefit from supply chain finance.”

This content was produced with the assistance of AI translation services.