KakaoBank Launches 'First Month Interest Support' Event for Low to Medium Credit Customers

Medium Credit Loans, Medium Credit Plus Loans, Medium Credit Emergency Loans
First Month Interest Support for New Customers

Approximately 10 Billion KRW Interest Support for Medium-Low Credit Customers Since Last Year

[Asia Economy Reporter Sim Nayoung] KakaoBank announced on the 31st that it will hold a 'First Month Interest Support' event for low- to medium-credit customers throughout November.

KakaoBank will support the first month’s interest for low- to medium-credit customers (KCB credit score of 850 or below) who newly execute 'Medium Credit Loan', 'Medium Credit Plus Loan', or 'Medium Credit Emergency Loan' from the 1st to the 30th of next month. The first month’s interest will be paid to the customer’s KakaoBank account under their name and 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, with interest rates starting from an annual 5.820% and 7.870%. (As of 2022.10.31)

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 workplace or income. The maximum limit is 3 million KRW and is applied differentially based on the screening results. As of the 31st of last month, the lowest interest rate for the 'Medium Credit Emergency Loan' is 7.865% per annum.

KakaoBank has intermittently conducted the 'First Month Interest Support' event from June last year until October this year. The total interest amount supported by KakaoBank for low- to medium-credit customers has reached approximately 10 billion KRW.

A KakaoBank official stated, "From July 2017 to the end of last September, the scale of unsecured credit loans supplied to low- to medium-credit customers was 6.4261 trillion KRW," adding, "In addition to the interest support event to reduce loan interest for low- to medium-credit customers, we are leading inclusive finance with various benefits."

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