On the 3rd Day Since Launch, Toss Bank Has Used 40% of Its Annual Loan Limit

[Asia Economy Reporter Kiho Sung] Toss Bank, the third internet-only bank, has already loaned nearly half of its annual household loan limit within just three days of operation. Toss Bank was launched on the 5th.

According to Toss Bank and financial authorities on the 7th, more than 200 billion KRW in loans had been executed by the afternoon of that day.

Before its launch, financial authorities recommended that Toss Bank limit new loans to within 500 billion KRW by the end of this year. However, loan applications surged immediately after the launch, resulting in 40% of the annual limit being executed within just three business days.

This is interpreted as borrowers flocking to Toss Bank, which is new and currently has relatively unrestricted lending under recent financial authorities' loan management policies.

At its launch, Toss Bank announced it would offer unsecured loans with a maximum limit of 270 million KRW and a minimum interest rate of 2.7% per annum.

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