Toss Loan Comparison Service Surpasses 1 Trillion KRW in Monthly Loan Disbursements

[Asia Economy Reporter Buaeri] Toss announced on the 7th that the monthly loan execution amount through its loan comparison service has surpassed 1 trillion won for the first time.

According to Toss, in May alone, loans totaling 1.045 trillion won were executed through the loan comparison service. The total cumulative loan execution amount has reached 11.1 trillion won.

The loan comparison service, provided through the 'Get a Loan' menu within the Toss application (app), was selected as an innovative financial service by the Financial Services Commission in May 2019 and launched its first service in August of the same year. It allows users to compare credit loan products from multiple financial companies in about 20 seconds.

Users can receive loan limits and interest rates based on their personal credit information. Currently, products from a total of 52 financial companies, including Shinhan, Woori, and Toss Bank, can be compared.

The average monthly loan execution amount from January to May this year was about 792 billion won, showing approximately 81% growth compared to last year's average monthly loan execution amount of 438 billion won.

A Toss representative said, "The loan comparison service innovatively reduces customers' time and spatial costs, and the number of financial companies available for comparison has increased to 52. By checking loan screenings from 52 financial institutions at once, it does not affect credit scores, making it an essential financial service especially in the current period of rising interest rates."

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