Woori Bank Launches 'Woori Emergency Fund Loan' Available on Woori WON Banking App
Non-Face-to-Face Exclusive Loan Products Using Alternative Credit (Non-Financial) Information
Loans Available Using Telecom Usage Information Without Income or Employment Data
[Asia Economy Reporter Kangwook Cho] Woori Bank announced on the 13th that its 'Woori Emergency Fund Loan,' launched in July last year, can now be applied for through Woori Bank's mobile banking app, 'Woori WON Banking.'
The Woori Emergency Fund Loan is a new product available even to customers who previously had difficulty obtaining bank loans due to lack of income information or insufficient financial transaction history. Moving away from traditional credit evaluation methods that rely on financial information provided by banks and card companies, this loan uses the Tele-Score, a credit rating calculated by credit rating agencies based on mobile phone device information, payment history, and small payment records provided by the three major telecom companies (SKT, KT, LGU+). Until recently, applications were only possible through Woori Bank's mobile simple banking app 'Wibee Bank' and the Bank Salad app.
The loan limit is up to 3 million KRW depending on the telecom credit rating, and it is offered only as a one-year maturity overdraft (limit loan). Depending on the telecom credit rating, customers can receive a preferential interest rate discount of up to 0.50 percentage points. As of the 13th, the lowest loan interest rate is 4.15%.
Eligible borrowers are individuals who hold a Woori Bank deposit account and use a mobile phone under their own name with one of the three telecom companies. Customers can apply for the loan through 'Woori WON Banking' without entering income or employment information.
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A Woori Bank official stated, "We plan to enable many customers to use the Woori Emergency Fund Loan across various financial platforms through partnerships with fintech companies and others."
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