Savings banks using Finda reduce fees by 120 million KRW monthly

Effective Interest Rate-Linked Fee Structure

[Asia Economy Reporter Minwoo Lee] It has been revealed that savings banks using the loan brokerage platform Finda saved approximately 120 million KRW in fees each month.

On the 5th, Finda announced that an analysis of the fees of the top five savings banks with the highest loan volume on Finda last year showed that each savings bank saved an average of 117.79 million KRW in monthly fees compared to offline loan agents. This is attributed to the reduction in various selling and administrative expenses such as offline branch and agent operation costs and marketing by using Finda.

Finda emphasized that its fees are the lowest even compared to other loan brokerage platforms. This is because, unlike other platforms with fixed fee rates, Finda uses an interest rate-linked fee structure. According to Finda, the average monthly fee for the top five savings banks using Finda was about 25.48 million KRW less than other platforms.

Last year, the loan handling amount of small and medium-sized savings banks through the Finda app increased by 64% compared to the previous year. This figure is higher than the 41% growth rate of the top 10 large savings banks.

Lee Hyemin, co-CEO of Finda, said, "Finda operates as a big data platform that recommends the most advantageous products to customers among various loan products from numerous financial companies, while designing and operating the most reasonable fee system that enables mutual growth with partner financial companies." She added, "We will continue to strive to build and lead a win-win management system that financial companies and Finda can create together for customers in various ways."

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