Business loans from KakaoBank Corp, Toss Bank and K Bank can now be compared at once on Kakao Pay

[Financial News] Kakao Pay’s loan comparison service now lets users compare loan products for sole proprietors from all three internet-only banks at once.
According to industry sources on the 2nd, credit loan products for sole proprietors from KakaoBank Corp and Toss Bank will be added to Kakao Pay’s loan comparison platform. In KakaoBank Corp’s case, real estate-backed loans are included as well. This means products from all three internet-only banks, including K Bank, which was already on Kakao Pay, are now listed.
This reduces the hassle of checking loan terms with each bank individually and broadens the range of options for finding a product that offers favorable financing terms.
The service lets users compare interest rates and loan limits at a glance for personal loans, home mortgages and loans for jeonse and monthly rent, across a range of financial sectors, from top-tier financial institutions to savings banks and capital companies. Users can select a product that meets their needs and complete an application without having to switch between apps from multiple financial institutions.
Kakao Pay continues to enhance its financial services for sole proprietors. Its “Business Credit Management” service, launched last September, lets users check business owners’ credit scores and loan, card and delinquency information at a glance, and check in advance the likelihood of approval for loans for sole proprietors.
Kakao Pay plans to link this service with its loan comparison service in the future, helping users manage their credit standing in their day-to-day lives and choose suitable loan products when they need funds.
Kakao Pay has also made its loan-switching service more convenient. It extended the hours for its loan-switching service for sole proprietors from a 4 p.m. cutoff to a 10 p.m. cutoff This means the service can now be used after branch business hours. The change was made with sole proprietors in mind, as they may find it difficult to handle financial matters during the day while busy earning a living.
A Kakao Pay representative said, “Sole proprietors face the challenge of having to manage financing and credit while focusing on running their businesses.” The representative added, “We will connect them with loan products from a range of financial institutions and improve the quality of our credit management services to help them access the services they need more easily and conveniently.”
[email protected] Kim Tae-il Reporter