Hana Financial Group's lifestyle finance platform, FinK, is enhancing access to policy financing for low and mid-credit borrowers as part of its efforts to promote inclusive finance.
On August 25, FinK announced the launch of its 'Government-Supported Loan Assessment' service aimed at low and mid-credit individuals. This service allows users to check their eligibility for government-backed loan products in advance. By entering their occupation and income information into the FinK app, users can automatically verify the qualification requirements for various products and receive guidance on available options, estimated interest rates, and limits.
The assessment results have shown a high correlation with actual loan approvals. According to FinK, 98% of customers who received an 'approval possible' rating through the service ultimately secured loan approvals.
Analyzing user characteristics, the average annual income for users of the Sunshine Loan special guarantee program was reported at 27 million won, with an average credit score of 572. Users of the standard Sunshine Loan had an average annual income of 30 million won and an average credit score of 593. For the New Hope Seed Loan, the average annual income and credit score were 23.8 million won and 618, respectively. Users of the Saitdol Loan had an average annual income of 60 million won and an average credit score of 608.
The number of low and mid-credit borrowers utilizing policy financing has also significantly increased. An analysis of loan data intermediated by FinK revealed that the number of policy-supported loan agreements for customers with credit scores below 700 surged by 259% compared to the first half of last year.
Jang Il-ho, CEO of FinK, stated, "We will continuously enhance our services to reduce the inconveniences faced by customers in need of government-supported loans."
* This article has been translated by AI.
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