Kakao Pay Expands Mid-Interest Loan Brokerage Service... Launches 'Saitdol2 Loan'
[Asia Economy Reporter Buaeri] Kakao Pay announced on the 19th that it will expand its policy-supported mid-interest loan brokerage service.
Kakao Pay, in collaboration with Shinhan Savings Bank, is launching the 'Saitdol2 Loan' product, the first of its kind on a financial platform.
The Saitdol2 Loan is a representative mid-interest guaranteed loan product for low to mid-credit borrowers that is not subject to the personal total debt service ratio (DSR) limit regulations. It is provided in partnership with savings banks and SGI Seoul Guarantee for low to mid-credit borrowers who have difficulty obtaining general credit loans, ranging from office workers to individual business owners. Users can compare the interest rates and limits of various policy products alongside general credit loan products through Kakao Pay.
With this collaboration, Kakao Pay now offers loan products available to both high-credit and low to mid-credit users. Currently, Kakao Pay partners with a total of 54 financial institutions including banks, card companies, insurance companies, savings banks, and capital companies to compare interest rates and limits of various loan products. The company stated that it holds partnerships with 12 first-tier financial sector banks, the largest number among domestic loan comparison services, and 5 affiliated insurance companies.
On Kakao Pay’s ‘My Loan Limit’, users can find not only various policy-based financial products for low-income earners such as Hae-sal Loan and Saitdol2, which are difficult to access due to lack of information, but also products that are easy to overlook such as insurance policy loans and preferential loans for insurance transaction customers. In the future, the loan brokerage product lineup will be expanded to various fields including monthly rent loans and mortgage loans.
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Woo Han-jae, Head of Kakao Pay’s Credit Business Division, said, "We aimed to strengthen service competitiveness by adding financial products for low to mid-credit borrowers who face difficulties due to recent interest rate hikes and loan regulations such as DSR." He added, "We will strive to make Kakao Pay’s ‘My Loan Limit’ an essential service for the financial lives of everyone from high-credit to low to mid-credit users."
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