Toss Bank's 'Sajangnim Loan' Surpasses 116 Billion KRW in Just One Month Since Launch

[Asia Economy Reporter Buaeri] Toss Bank announced on the 14th that its personal business loan product, 'Sajangnim Loan,' launched last month, has surpassed 116 billion KRW in just one month.

The Sajangnim Loan is the first non-face-to-face personal business loan introduced by Toss Bank, an internet-only bank. Toss Bank's Sajangnim Loan grants credit limits based on individual credit without requiring guarantees from guarantee institutions or collateral such as real estate. Even if sales are not large, businesses with a steady income or consistent sales can be recognized as having higher creditworthiness compared to those with high income over a short period.

According to Toss Bank, as of midnight on the day, the total amount of personal business loans issued reached 116.7 billion KRW. On average, about 1,400 customers per day used the 'My Limit Management' service and visited Toss Bank. The proportion of loans to medium- and low-credit personal business owners accounted for 39.7% (based on outstanding balance).

The minimum interest rate was 3.42%. More than one in three customers (38%) received low-interest benefits below 4%, and one in twelve (8.4%) borrowed the maximum limit of 100 million KRW.

Customer A, who has been working in the transportation industry for over 10 years, borrowed 29 million KRW from Toss Bank at an interest rate of 3.69%. The customer's credit score was 660 according to KCB, classifying them as medium- to low-credit, but their history of faithfully repaying loans from other financial institutions and steady sales were recognized as additional credit points.

By industry, wholesale and retail accounted for the largest share, with one in three customers (31%). These were mainly so-called 'non-face-to-face personal business owners' operating online businesses. Besides restaurants (11.8%) and manufacturing (7.7%), workers in transportation and warehousing industries, who had difficulty proving income and obtaining loans from financial institutions, accounted for 8.6% of all customers.

The company explained that the average time from loan application to execution was within 3 minutes.

A Toss Bank official said, "About 1,400 customers visit daily to apply for loans," adding, "We will continue to provide practical support and necessary supply, including waiving prepayment fees for customers."

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