KakaoBank Lowers Mid-Credit Loan Interest Rates by up to 0.50%P

[Asia Economy Reporter Song Seung-seop] KakaoBank will lower the interest rates on mid-credit loans by up to 0.50 percentage points starting from the 4th. If a new mid-credit loan is executed by the 30th, the interest for the first month will be supported.

KakaoBank's mid-credit loan product targets wage earners with an annual income of 20 million KRW or more and at least one year of employment. Loans can be obtained if the borrower meets KakaoBank's mid-credit loan credit evaluation criteria. The loan limit is up to 100 million KRW, with a maximum term of 10 years.

KakaoBank recently developed the 'KakaoBank Score.' The KakaoBank Score is an independent alternative credit evaluation model for mid- to low-credit borrowers and thin-file customers (those with insufficient financial history). KakaoBank expects to refine its screening strategy to better select customers with limited financial history. The application is scheduled for the end of this year.

Since its launch in 2017, the amount of unsecured credit loans supplied by KakaoBank to mid- to low-credit customers (those in the lower 50% credit score range according to KCB) has reached 6.2375 trillion KRW.

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