Middle and Low Credit Customers Get First Month Interest Free on Loans from KakaoBank

September 1 to 30 Event Period

[Asia Economy Reporter Minwoo Lee] KakaoBank will support the first month’s interest on loans for customers with low to medium credit scores.

KakaoBank announced on the 1st that this event will run until the 30th of this month.

Customers with low to medium credit scores (KCB credit score of 850 or below) who newly take out 'Medium Credit Loan', 'Medium Credit Plus Loan', or 'Medium Credit Emergency Loan' from the 1st to the 30th of this month are eligible. Their first month’s interest will be paid into their KakaoBank account under their own name. No separate application is required.

KakaoBank’s 'Medium Credit Loan' and 'Medium Credit Plus Loan' are loan products targeted at salaried workers with at least one year of employment and a credit score of 850 or below (based on KCB). The maximum limits are 100 million KRW and 50 million KRW, respectively. As of this date, the minimum interest rates are 4.844% per annum and 6.893% per annum.

The 'Medium Credit Emergency Loan' is a minus account type loan product that can be contracted up to 3 million KRW without submitting documents, regardless of employment or income. The maximum limit is 3 million KRW and is applied differentially based on the screening results. As of this date, the minimum interest rate for the 'Medium Credit Emergency Loan' is 6.686% per annum.

Previously, KakaoBank held the first month’s interest support event for low to medium credit customers twice, in the second half of last year and in March this year. Through these, a total of 8.4 billion KRW in interest was supported.

A KakaoBank official said, "From July 2017 to the end of last July, the amount of unsecured credit loans supplied to low to medium credit customers was 6.04 trillion KRW," adding, "We will continue to lead financial inclusion for low to medium credit customers."

Meanwhile, KakaoBank is also running an event this month where 2,000 customers who simply check their loan limit will be selected by lottery to receive coffee coupons.

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