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(Seoul = NSP News) Reporter Kang Soo-in = ‘Emergency loan’, a small loan, is gaining popularity in the banking sector. This is because the screening process is less rigorous than existing credit loans and the loan process is easy and simple. Internet-only banks Kakao Bank and K Bank both offer emergency loans as ‘loans available in 60 seconds,’ and Toss Bank, which recently received its license, is also preparing related products. Comparing the emergency fund loans of Kakao Bank and K Bank, they were similar in terms of loan limit, loan period, and negative account loan, but K Bank’s interest rate was lower.
Both banks’ emergency loans are available to Koreans over the age of 19 and are secured by insurance guarantees issued by Seoul Guarantee Insurance.
The first to launch an emergency fund loan was Kakao Bank. Kakao Bank, which introduced emergency fund loans at the same time as its launch, proved its popularity by recording an 11% (approximately KRW 100 billion) increase in emergency fund loans at the end of March 2021 compared to the end of last year. The interest rate for Kakao Bank’s emergency loan is a minimum of 3.32% per annum and a maximum of 13.876%. A Kakao Bank official said, “Emergency loans can be lent quickly without restrictions on the customer’s background, such as employment or income, and because they deal with small amounts, screening is less rigorous.” K-Bank, Korea’s first internet-only bank, launched its emergency fund loan only in April of this year. K Bank’s interest rate is 3.28% to 8.14% per year, which is lower than Kakao Bank. Toss Bank, which received its license last September, is also preparing related products. It is expected that it will be released in a different form from the emergency fund loan handled by Toss. Toss has partnered with SC First Bank to offer an emergency loan with a maximum of 500,000 won and a minimum interest rate of 5.66% per annum. For this product, the application amount is deposited into an account without a limit, and the loan period is 1 month. An official at Toss Bank said, “We are considering various products and also considering emergency loans,” and added, “Toss Bank’s products are not related to Toss.” He explained, “Toss Bank’s credit evaluation model itself is a model optimized for credit loans,” and added, “Customer limits may vary depending on this model, so it will likely be in the form of suggesting appropriate loans for each customer.”
NSP News Reporter Kang Soo-in sink606@nspna.com Copyright ⓒ Korea’s economic news agency NSP News Agency·NSP TV. Reproduction and redistribution prohibited.
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