Kakao Pay Launches Jeonse Loan Brokerage Service
[Asia Economy Reporter Seong Giho] Kakao Pay announced on the 31st that it has launched a jeonse loan brokerage service and is expanding its loan brokerage business.
Through a partnership with Woori Bank, Kakao Pay has launched the first service on a financial platform that allows users to check the interest rates and limits of the ‘Buteummok Jeonse Fund Loan’. Without needing to know complicated requirements or visit a bank branch, users can easily check information and loan eligibility for the Buteummok Jeonse Fund Loan product within their Kakao Pay ‘My Loan Limit’. After checking the interest rate and limit on Kakao Pay, users can conveniently proceed to apply for the loan directly through Woori One Banking.
With this, Kakao Pay has expanded the services provided in ‘My Loan Limit’ from credit loan brokerage to jeonse loan brokerage. Currently, the credit loan brokerage service allows users to check interest rates and limits for credit loan products offered by 42 financial institutions, including banks, card companies, insurance companies, savings banks, and capital companies. The jeonse loan brokerage service will start with Woori Bank’s Buteummok Jeonse Fund Loan product and plans to expand to jeonse loan products from multiple financial institutions.
Meanwhile, the Buteummok Jeonse Fund Loan is a government policy product of the Housing and Urban Fund aimed at housing stability for workers and low-income households. It provides loans up to 220 million KRW at an interest rate of 1.0% to 2.4% per annum to actual demanders who need financial support, such as newlywed households and young workers employed by small and medium-sized enterprises.
Currently, Woori Bank offers a total of five Buteummok Jeonse Fund Loan products, including the general Buteummok Jeonse Fund, products for youth aged 19 to 34, employees of small and medium-sized enterprises, newlywed couples, and Buteummok Jeonse Fund products for multi-family households with two or more children.
Additionally, Kakao Pay and Woori Bank will provide prizes through a lottery to financial consumers who use the jeonse loan service on Kakao Pay and execute the Buteummok Jeonse Fund Loan through Woori One Banking by the end of this year. Prizes include LG Tromm Styler Objet Collection (3 winners) and Shinsegae mobile gift certificates worth 1 million KRW (5 winners), with an additional 50,000 KRW Shinsegae mobile gift certificate given to the first 400 participants.
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Woo Hanjae, head of Kakao Pay’s loan business, stated, “We have become the first financial platform to broker the government policy product Buteummok Jeonse Fund Loan aimed at housing stability on Kakao Pay,” and added, “We will continue to increase the number of loan brokerage products and evolve into a platform that broadly meets the diverse loan needs arising from various situations of financial consumers.”
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