Logiol Partners with Shinhan Bank to Launch Exclusive Loan Product for Delivery Riders

Delivery Platform 'Saenggakdaero' Offers Exclusive Loans for Riders
Up to 3 Million KRW, 200-Day Loan Term... 1% Annual Preferential Interest Rate
Logiol: "Collaborating to Support Rider Livelihoods and Ensure Safety Measures"

[Asia Economy Reporter Kim Bo-kyung] Logiol, the operator of the delivery agency platform 'Saenggakdaero,' announced on the 21st that it has prepared the industry's first rider-exclusive first-tier financial institution loan, the 'Solpyeonhan Saenggakdaero Rider Loan,' in collaboration with Shinhan Bank.

The Solpyeonhan Saenggakdaero Rider Loan is conducted through a rider-exclusive loan screening process developed by Shinhan Bank by collecting and analyzing Saenggakdaero delivery rider data and delivery performance information.

A Logiol official explained, "This product was developed by thoroughly considering the actual needs and difficulties of riders through in-depth interviews with delivery riders," adding, "To minimize repayment difficulties caused by irregular income, an optimal loan repayment management process has also been separately established, where part of the principal is automatically repaid when income is generated."

Through this collaboration between the two companies, Saenggakdaero riders can now access low-interest loans from first-tier financial institutions for the first time in the delivery agency industry. The loan limit is up to 3 million KRW, and the loan term is 200 days. Preferential interest rates of up to 1% per year are applied per customer (minimum annual rate of 3.8% as of the 21st), increasing the possibility of first-tier financial institution transactions for riders who previously used high-interest products. Due to the nature of their work, riders often have inconsistent income patterns and have been placed in financial blind spots.

Saenggakdaero-affiliated riders can apply for loans and sign contracts non-face-to-face through the Shinhan SOL application without visiting a branch.

A Shinhan Bank official stated, "We will strive to provide financial services by collaborating with platform companies in various industries in the future." Logiol also shared plans, saying, "If there are measures to support riders' livelihoods and stabilize their lives, we intend to actively collaborate with other financial institutions and companies."

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