K Bank Offers Two Months' Interest Cashback for Loans Applied by Low to Medium Credit Borrowers

[Asia Economy Reporter Kiho Sung] Internet-only bank K Bank announced on the 16th that it will hold a ‘Loan Interest 2-Month Cashback’ event for middle- to low-credit customers with a credit score of 820 or below.

Customers who take out a new unsecured loan at K Bank by October 31, the event period, and pay interest at the 3rd and 12th months can receive the cashback the next day. Even if they have existing loan products, customers who newly add a loan within the event period can participate in the event.

The unsecured loan products eligible for the event include four types: ‘Unsecured Loan’, ‘Emergency Fund Loan’, ‘Unsecured Loan Plus’, and ‘Saitdol Loan’. The ‘Unsecured Loan’ is a product for employees with more than six months of employment, and the ‘Emergency Fund Loan’ is a small overdraft account allowing immediate use of up to 3 million KRW in urgent situations. The ‘Unsecured Loan Plus’, popular among middle- to low-credit customers, and the ‘Saitdol Loan’, guaranteed by Seoul Guarantee Insurance with a maximum limit of 20 million KRW, are also included. Middle- to low-credit customers with a Korea Credit Bureau (KCB) credit score of 820 or below who apply for loans among these products will be automatically entered into the event, and a confirmation text message will be sent upon completion of the loan application. All products are conducted 100% online with no need to submit additional documents.

Meanwhile, K Bank is striving to activate loans for middle- and low-credit customers to fulfill the purpose of establishing an internet-only bank. As of the end of June, K Bank’s mid-interest rate loan ratio was 15.5%, with a goal to increase it to 21.5% by the end of the year. Accordingly, since July, the limit of the ‘Unsecured Loan Plus’ product for middle-credit customers was raised from 50 million KRW to 150 million KRW, and in August, the ‘Saitdol Loan’, a mid-interest rate loan product for middle- to low-credit customers guaranteed by Seoul Guarantee Insurance (SGI), was launched.

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