Lotte Card Launches Win-Win Finance Program Worth 310 Billion KRW

Lotte Card is launching a win-win finance initiative to support financially vulnerable groups and small business owners.

On the 14th, Lotte Card announced that it will implement a win-win finance support plan worth 310 billion KRW starting next month. This follows similar measures introduced by Woori Card and Hyundai Card.

The win-win plan includes a debt normalization program for vulnerable borrowers, loan interest rate reductions, loan repayment period extensions, and cashback on card usage for small business owners.

Lotte Card will operate a debt normalization program targeting financially vulnerable groups such as basic livelihood security recipients, people with disabilities, and single-parent families. The delinquent debt reduction rate will be uniformly increased by 10 percentage points, providing up to a 70% reduction. Additionally, the refinancing loan program "Nanum Loan" (fixed interest rate of 10% per annum, maximum 60 months installment repayment) will be offered, and if borrowers fully repay according to the repayment schedule, all interest will be waived.

For low-income customers with an annual income of 20 million KRW or less, new card loan interest rates will be discounted by up to 20%, and existing card loan customers will have their loan repayment periods extended to reduce monthly repayment burdens.

For small merchants, 1% cashback will be provided on usage of the 'LOCA MONEY Business Card,' a card exclusively for individual business owners. Additionally, through the platform Selly for individual business owners, 50% of the merchant fees from Lotte Card sales generated in the first month will be returned as cashback up to a maximum of 100,000 KRW per merchant.

Regarding Lotte Card’s Environmental, Social, and Governance (ESG) campaign "Think US & EARTH," support will be provided for entry into the members-only online shopping mall DigiLOCA App Think Shop, along with reductions in entry commission rates and full coverage of costs for the Think US product discount event.

A Lotte Card representative stated, "We hope this win-win finance plan will help financially vulnerable groups and small business owners who are struggling due to high inflation, high interest rates, and economic downturn."

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