Toss Launches "Business Owner Credit Loan Refinancing" in Response to Government Policy

"From Rate Comparison to Refinancing in One App"

Automatic Document Submission After Identity Verification, Non-Face-to-Face Review

Largest Number of Financial Institutions Participating... "Strengthening Inclusive Finance"

Toss announced on March 18 that it will launch the “Business Owner Credit Loan Refinancing” service, allowing individual business owners to easily switch to loans with lower interest rates.

This service is based on the “Loan Transfer System” established by the Financial Services Commission and Korea Financial Telecommunications & Clearings Institute, and is designed to help reduce interest burdens for small business owners and individual entrepreneurs. With refinancing services, previously focused on salaried workers, now expanding to individual business owners, financial options are expected to broaden.

This service supports individual business owners in switching their unsecured credit loans to products with lower interest rates, without the need for guarantees or collateral. Users can check their current business credit loans within Toss, instantly determine if refinancing is available, and compare terms offered by multiple financial institutions. If a suitable product is found, the refinancing process can be completed directly within the Toss app without complex procedures.

Until now, refinancing services have mainly targeted salaried workers with unsecured credit loans. With this new service, individual business owners and small business operators now have the opportunity to compare credit loan interest rates and switch to more favorable terms.

The service has been designed in line with government policy directions aimed at alleviating the financial burden on small businesses and individual entrepreneurs. The Financial Services Commission and Korea Financial Telecommunications & Clearings Institute have provided the institutional foundation, while Toss offers a platform connecting financial institutions and delivering a user-friendly experience.

For this service launch, Toss has partnered with nine major financial institutions, including KB Kookmin Bank, Shinhan Bank, Hana Bank, and K Bank. This represents the largest number of participating financial institutions among loan comparison platforms. Users can apply for refinancing in real-time through the Toss application from 9 a.m. to 4 p.m. on each business day.

The service maximizes convenience for business owners’ busy work environments. Unlike household loans, which require MyData enrollment, business credit loans do not require separate sign-up procedures. Major documents, including income verification, are automatically submitted after identity verification. Upon completion of the non-face-to-face review and contract, the existing loan is automatically repaid through the loan transfer process.

A Toss representative stated, “We have enhanced service accessibility so that business owners, who are often focused on their livelihoods, are not left out of financial benefits. In line with the trend toward inclusive finance, we will continue to upgrade our service so that individual business owners and small businesses can choose lower interest rates and experience real cost savings.”

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