Habit Factory Achieves Cumulative Loans of 152.6 Billion KRW Three Years After Establishing US Corporation

Fintech company Habit Factory announced on the 25th that it has achieved a cumulative loan amount of 152.6 billion KRW through its home mortgage loan service ‘Loaning.ai’ within three years of establishing its U.S. corporation.

Applying an exchange rate of 1,450 KRW per dollar, it executed loans worth 70.6 billion KRW last year. The average interest rate of Loaning.ai in 2024 is 6.125%, and the interest cost customers must pay when using a 30-year mortgage is 83.8 billion KRW. The average interest rate of U.S. commercial banks is 6.750%, which would require paying 94.2 billion KRW if used from other companies. This amounts to a total interest cost saving of 10.4 billion KRW.

Jung Yunho, Co-CEO of Habit Factory.

Habit Factory explained that the reason locals frequently used their service is because of the lower interest rates and reduced processing time. In the U.S. mortgage market, customers faced information asymmetry issues and had to choose interest rates provided by loan brokers. Accordingly, Habit Factory reduced costs and lowered interest rates by shortening work procedures through digitalization.

Previously, even to check loan eligibility, customers had to provide all their credit information, which took more than three days. By applying artificial intelligence (AI) analysis and automation technology, customers can now check within one minute on the homepage by themselves. It attracted attention with features such as real-time interest rate inquiry, repayment calculator, and non-face-to-face loan processing.

Habit Factory plans to expand its business by obtaining a home mortgage loan specialized bank license in Nevada last month, following California, Georgia, and Texas.

Lee Dong-ik, co-CEO of Habit Factory, said, “We have efficiently operated our services using technology and data,” and added, “We will continue to lead innovation in the financial market and maximize customer benefits.”

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