Finance and securities : Economy : News : The Hankyoreh

Easily compare loan interest rates and exchange money on mobile
He earned 21.6 billion in 3 hours of service launch
There are still few links and few interchangeable products that are limited

On the 30th, Vice Chairman Kim So-young of the Financial Services Commission visited the integrated control room of the Bundang Center of the Korea Financial Telecommunications and Clearing Organization in Seongnam-si, Gyeonggi-do, and received a report on the status of the loan swap infrastructure preparation online and one-stop and post-service emergency response plans. Provided by the Financial Services Commission

☞ Subscribe to Hankyoreh Newsletter H:730. Type ‘Hankyoreh 730’ in the search bar. Amugae Lee (42), an office worker at a medium-sized domestic company, accessed the Kakao Pay app on a smartphone on the afternoon of the 31st, when the online refinancing loan service started. It was to see if it would be possible to change the ‘minus account’ of 7.249% per annum, which is currently used by one of the five main commercial banks, to a product with a lower interest rate. The result of waiting for about 5 minutes was that ‘there is no loan that is advantageous to transfer now’. Mr. said Lee, “I was hoping to reduce the interest burden even a little, but it was to no avail.” On the first day when the ‘one-stop online refinancing loan infrastructure’ was unveiled so that financial consumers can easily transfer to a loan with a lower interest rate, there were not a few financial consumers like Lee who were relieved. It was useful to be able to check the availability of refinance loans with a smartphone without visiting a branch, but it was difficult to find a product with a lower interest rate that could actually be transferred. Of course, there were also financial users who switched to low interest products with this service. As a result of the Financial Services Commission counting the usage performance for the day (9:00 am to 4:00 pm), a total of 1819 loans were made (about 47.4 billion won). In the case presented by the Financial Services Commission, financial consumers who are thought to have improved their credit standing due to a significant increase in income mainly due to a change of job or employment appear to have succeeded in changing. For example, a user who used to use a credit loan of 80 million in a savings bank at an annual interest rate of 15.2% switched to a credit loan product with an annual interest rate of 4.7%. In the case of converting paper money into paper money, the interest rate was reduced from 9.9% per annum to 5.7% per annum. Financial consumer interest was hot. Kakao Bank stopped accepting applications on this day, saying that the daily loan exchange limit expired about two hours after the service started. Toss, which provides a refinancing loan platform service, also posted a notice that users could not use the loan inquiry service for some users around 2:00 pm. Some financial users received a message that no products were available when they inquired about refinancing loans on platforms such as Kakao Pay, but they also experienced checking refinancing products in individual bank apps. Mr. said Seong Amugae (36), an office worker who used to pay 6.819% of his savings account in a commercial bank per year, “When I looked up to refinance loans on Kakao Pay, it said there were no products available, but when I looked at products that could be refinished on the Kakao Bank app, I got 5.397 per year. A product brought out a percent interest rate,” he said. In other words, ‘non-face-to-face sales’ must still be made to find financial products with better terms. This is because there are still not many financial companies connected to the platform, and each one is different, and the number of exchange-only products seen on the platform is not large. In fact, there are not a few loan products that financial companies allow you to view only through their own apps, and internet bank loan products can only be checked through each company’s app. Reporter Nam Ji-hyun


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