Finda, a fintech company, announced on September 15 that the cumulative amount of its mid-interest Living Stability Loans, launched at the end of June, has surpassed 16 billion won.
The Living Stability Loan is designed for low to mid-credit borrowers, specifically those in the bottom 50% of credit scores, to use for emergency living expenses, with loans available up to 10 million won.
Finda reported that approximately 95% of the total loan amount has been provided to consumers with credit scores between 500 and 700.
The average loan amount per transaction was about 8.6 million won, based on the maximum limit of 10 million won. Among users who reached the loan application stage, the success rate for actual loan disbursement was around 50%.
The number of applications has also been on the rise. The average daily loan applications in August increased by 11% compared to the previous month, and in September, there was a further increase of 31%. The loan disbursement amount this month has risen by 21% compared to last month.
The average daily approval rate for loan limits saw increases of 68% and 66% in August and September, respectively, compared to the previous month. Compared to the initial launch period, this represents an increase of about 190%.
Lee Hye-min, CEO of Finda, stated, "The Living Stability Loan is enhancing financial accessibility for low to mid-credit borrowers who are often overlooked, alleviating their financial burdens. We will continue to strengthen our product lineup through partnerships with savings banks and other financial institutions to expand financial inclusion for the public."
* This article has been translated by AI.
Copyright ⓒ Aju Press All rights reserved.