One Month After Naver Loan Launch... Conflicting Approval Results on Limits and Interest Rates Cause Confusion

Confusion Arises as Loan Conditions Change Within a Day
Naver Approves While Mirae Asset Sometimes Rejects

On the 1st, Naver Financial partnered with Mirae Asset Capital to launch the 'Mirae Asset Capital Smart Store Business Loan.'

[Asia Economy Reporter Gong Byung-sun] "On the first day of launch, the loan interest rate was 4.9%, but it rose to 6.8% the very next day."

Lee Young-min (35, pseudonym), who runs a business on Naver Smart Store, experienced a frustrating situation while checking out Naver Financial's loan product launched this month. Lee said, "On the 1st, the limit was 44 million KRW with an interest rate of 4.9%, but on the 2nd, it changed to 33 million KRW and 6.8%. The interest rate increased by 2 percentage points in just one day, but I had no choice but to take the loan due to urgent circumstances," expressing his frustration.

Naver Financial's 'Mirae Asset Capital Smart Store Business Loan,' launched on the 1st, is causing controversy as its criteria keep fluctuating. This product is the first offering since the 'platform giant' Naver declared its full-scale entry into the loan market, known as the crown jewel of finance. It attracted significant attention in the market with its unprecedented benefits such as a minimum interest rate of 3.2%, a limit of 50 million KRW, and unsecured loans. However, concerns are rising ahead of the official launch as loan conditions change with each inquiry, and Naver Financial and Mirae Asset Capital provide different screening results.

According to the financial sector on the 30th, Naver Financial, a subsidiary of Naver, will officially launch the Mirae Asset Capital Smart Store Business Loan exclusively for Naver Smart Store merchants on the 1st of next month. While Naver Financial is conducting a beta service since the 1st as a pilot operation before the full product launch, complaints and protest posts from loan users are appearing on internet communities. Kim Young-hee (40, pseudonym), a self-employed person, lamented, "Naver Financial showed me as eligible for the loan, but Mirae Asset Capital rejected the loan," adding, "I thought it was an error and kept trying, but it ultimately didn't work."

Fluctuating Criteria Cause Complaints Among Naver Smart Store Merchants

In another self-employed community called 'Apeunikka Sajangida,' Jeon Sang-woo (33, pseudonym) said, "I received a 30 million KRW small business loan, a 20 million KRW emergency loan for self-employed due to COVID-19, and even a few million KRW from KakaoBank, but I couldn't get a loan from Naver," expressing his frustration. Jeon revealed, "I generate 500 million KRW in annual sales on Smart Store, but I don't understand why I can't get a loan."

A Naver Financial official stated, "There may be restrictions if the credit rating is low or if there are many existing loans," adding, "We are considering whether to disclose related criteria later."

Reporter Gong Byung-sun mydillon@asiae.co.kr

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