The Korea Inclusive Finance Agency's Customized Loan Service Reaches 742.4 Billion KRW in Cumulative Supply This Year, Up 88% from Last Year

[Asia Economy Reporter Minyoung Kim] The Korea Inclusive Finance Agency announced on the 27th that it has supported 78,405 people with 742.4 billion KRW through its customized loan service up to the third quarter of this year.

This represents a 131% increase in the number of users (44,426 people) and an 88% increase in the amount (348.4 billion KRW) compared to the same period last year.

The Korea Inclusive Finance Agency analyzed that this increase in customized loans this year is due to the launch of the customized loan application (app) and improvements to the website. The proportion of non-face-to-face services through the customized loan app and website has significantly increased compared to traditional phone consultations or center visits. The cumulative proportion of non-face-to-face services in the third quarter of this year was 66.1%, up 35.9 percentage points from 30.2% in the same period last year.

The Korea Inclusive Finance Agency’s customized loan service intermediates the lowest interest rate products (average interest rate 11.5%) among about 180 loan products for low-credit and low-income citizens who would otherwise have to use high-interest loans with annual rates exceeding 20% when visiting financial companies directly. It also contributes to reducing the financial burden on citizens by lowering interest rates by up to 1.5 percentage points compared to when using agents for policy financial products.

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