Expansion of Saitdol Loan Supply to Mid- and Low-Credit Borrowers Using Naver Pay Score

First Introduction of Credit Assessment Model to Policy Finance Products

Naver Pay (Npay) announced on August 6 that it will introduce its alternative credit assessment model, the 'Npay Score,' to the government-backed policy finance loan product, Saitdol Loan, in collaboration with SGI Seoul Guarantee.

This marks the first time an alternative credit assessment model has been applied to a government-supported policy finance product.

The Npay Score will be used only in a positive manner for the credit evaluation of Saitdol Loan applicants. It is expected to enhance financial accessibility for a larger number of loan applicants compared to existing methods.

Starting the following day, the Npay Score will be implemented across all online and offline sales channels, as well as loan comparison platforms, of all financial institutions (banks, savings banks, mutual finance institutions) that offer Saitdol Loans.

The Npay Score is an alternative credit assessment model jointly developed by Npay and NICE Information Service. It combines traditional financial (CB) data with non-financial data such as Npay payment history and Smart Store sales data.

The two companies have pseudonymized and combined 73 million records from 30,000 non-financial data items. The scale of non-financial data used in this process is among the largest in the industry.

Previously, in April, SGI Seoul Guarantee improved the eligibility criteria for Saitdol Loans by expanding the qualifying credit score range from the bottom 30% to the bottom 50%, thereby increasing loan supply. In addition to this, the introduction of the Npay Score is expected to further raise loan approval rates for mid- and low-credit borrowers.

Currently, 16 partner financial institutions in the Npay credit loan comparison service are utilizing the Npay Score in their loan screening strategies. In the second half of the year, it will be sequentially applied to 17 additional financial institutions, bringing the total to 33 institutions.

The Npay Score is applied only in ways that are advantageous to loan applicants. Among the total loan disbursements by financial institutions using the Npay Score in the Npay loan comparison service, 32.1% (from January to March) involved either loan approvals or improved interest rate and limit conditions compared to previous offers.

Jo Jaebak, Executive Vice President of Naver Pay's Innoviz division, stated, "As this is the first case of applying an alternative credit assessment model to policy finance, we will continue to advance the Npay Score," adding, "We hope the Npay Score will be applied to Saitdol Loans and many other financial products, contributing to the recovery of the real economy."

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