Top Licensed Loan Providers to Disclose Debt, Assets, and Low-Income Loan Performance Every Six Months

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From now on, excellent loan providers will disclose not only their names but also financial information and loan performance for low-income borrowers. Through this, it is expected that banks will expand funding to loan providers, and loan providers will activate financial supply to low-credit borrowers.

The Financial Supervisory Service announced on the 10th that it will disclose financial information and loan performance for low-credit borrowers by excellent loan providers on the Loan Finance Association website in April. The disclosed items include assets, liabilities, equity capital, outstanding balance and ratio of credit loans to low-credit borrowers, etc.

The financial authorities allowed only excellent loan providers with good loan performance for low-income borrowers in 2021 to borrow loan funds from banks. Every half year, only the names of excellent loan providers have been disclosed. Now, the scope of shared information such as financial information is expanding.

For banks, it will be possible to grasp the loan status for low-credit borrowers by excellent loan providers, which was previously unknown, and use it as reference information for loan screening, and the burden on handling loan business is expected to decrease. For loan users, practical information will be provided in selecting loan providers, such as companies with large loan volumes for low-credit borrowers.

The Financial Supervisory Service explained, "With the expansion of disclosure, the reputation of excellent loan providers with high loan performance for low-credit borrowers can be enhanced and institutional promotion can be strengthened," and "effects such as expansion of loan handling by banks for loan providers are expected."

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