This photo, taken Aug. 1, 2022, shows bank officials providing consultations on loan programs to customers at a Hana Bank branch in Seoul. (Yonhap)
SEOUL, June 22 (Korea Bizwire) — A one-stop online platform for borrowing money to repay credit loans at a lower interest rate is gaining popularity.
The loan service for repayment, which was launched last month, has resulted in 19,778 applications and a loan asset transition of 500.5 billion won (US$386 million) as of Wednesday, according to data from the Financial Services Commission.
Customers who transitioned to a loan with a lower interest rate during this period are estimated to have saved over 10 billion won in interest payments.
The patterns of the loan transition show that customers moved from one bank to another in 82.5 percent of all cases, transferring 92.3 percent of their total assets.
The transition of loans to savings banks or credit finance firms has also increased, rising from 0.8 percent of all applications on May 31 to 16.2 percent on Tuesday.
In addition to Shinhan Bank and Finnq, customers can now access nine platforms that compare various loans and connect with 35 apps created by financial services companies.
Lina Jang (linajang@koreabizwire.com)
