Finda Loans Attract Mid- and Low-Credit Borrowers···95% Have Scores in the 500–700 Range

[Financial News] More than 90% of the mid-interest-rate loans offered by fintech company Finda went to mid- and low-credit borrowers, data showed.
According to the fintech industry on the 15th, 95% of the living-expense stability loans disbursed under Finda’s mid-interest-rate product, launched at the end of June, went to mid- and low-credit borrowers with credit scores in the 500–700 range.
The product effectively served as a source of essential living funds for consumers who had difficulty accessing mainstream financial institutions. Cumulative lending exceeded KRW 16 billion.
The average number of daily loan applications rose 11% in August from July and increased another 31% in September from August. The amount of loans disbursed this month also grew 21% from the previous month.
The average number of daily credit-limit approvals increased 68% in August and 66% in September from the previous month. Compared with the early days after launch, the average daily number of credit-limit approvals expanded by approximately 190%.
The average loan amount per disbursement was approximately KRW 8.6 million, against a credit limit of KRW 10 million. About one in two users who reached the loan application stage successfully obtained an actual loan.
Finda is also expanding its ties with savings banks and other lenders. Starting with SBI Savings Bank, it has formed partnerships with a total of nine savings banks and capital companies to offer living-expense stability loans. IBK Savings Bank’s product surpassed 10,000 credit-limit approvals just three weeks after being added to the platform. JT Chinhae Savings Bank has seen its loan-disbursement conversion rate rise rapidly since joining the platform at the end of last month.
Hyemin Lee, CEO of Finda, said, "We have confirmed through the figures that access to finance has improved and the financial burden has eased for mid- and low-credit borrowers who were left in financial blind spots amid high interest rates and the lending freeze. We will strengthen our product lineup through cooperation with partner financial institutions, including savings banks, and continue expanding financial inclusion for ordinary people."

[email protected] Kim Tae-il Reporter