When you press’Pinda, a loan comparison service app,’customized recommendation for monthly household loans’, a blank space for entering information on the entire house appears. Seoul, apartment/officetel, area, deposit, etc. must be entered. Next, it’s time to put in the housing, whether or not you have a loan, and your gross income. That’s it. After pressing the’Next’ button, four pre-generation products appear at once. The product with the best conditions is SC First Bank’s First Jeonse Guarantee Loan. The loan limit is 500 million won and the interest rate is 2.48% per year. You can also check policy products such as the Housing City Guarantee Jeonse Loan (with a limit of 400 million won and a minimum of 2.26% per year).
Loan comparison services, such as bank branches, that raise loan interest rates and limits by entering a few conditions in a smartphone app are popular. This is because services that were limited to credit loans have recently become possible to mortgage loans and chartered loans. Announcements on loan limits and interest rates, previously provided only for the second financial sector, are also expanding to banknotes. You can find the best loan for you in just one minute from the app without having to visit each bank branch and receive consultation. We analyzed which loan comparison service is convenient.
Introduced whole household loans and mortgage loans
According to the Financial Services Commission on the 7th, 13 platforms, including Toss, Kakao Pay, and Bank Salad, are providing loan comparison services. The loan comparison service is very different. If you enter several conditions, such as job name, employment type, employment date, annual income, and housing ownership type, in the smartphone app, the information is transmitted to various financial companies. Each financial company refers to the conditions and displays the fixed interest rate and limit through an app. App users can apply for a loan by selecting one loan product proposed by several financial companies.
Loan execution is done in the financial company app. For example, let’s say that a loan comparison service was used in Toss, and a limit of 29 million won was reached at an annual interest rate of 2.84% with Woori Bank’s’Woori Worker Loan’. If you select the product, you will be connected to Woori WON, a Woori Bank app. The actual loan application and accurate interest rate/limit inquiry is due to the regulations that must be received in our Won app. A bank official explained, “If the screening conditions and dates entered are the same, it can be regarded as the same as the actual rates and limits that can be received.”
With the loan comparison service, you don’t have to go to various banks and ask the counter staff for interest rates and limits. In the case of Kakao Pay, which has the largest number of affiliated financial companies, it can be as effective as sitting still and paying for 36 financial companies with an app. In terms of commercial banks alone, Toss is the most common through alliances with three. Not only Hana Bank and Woori Bank, which have partnered with Kakao Pay, but also Shinhan Bank are joining the loan comparison service of Toss. For this reason, Kakao Pay is the most obvious if Toss is looking only at bank interest rates and limits, and if it is going to look at the second financial sector (card, capital, savings bank).
Transfers from a large number of application documents are also handled.
There are many reviews that Pinda is suitable for tenants. It is providing a service that has not been introduced in other apps yet. Products are advertised mainly by policy products with low interest rates. Typical examples are the Housing City Guarantee Corporation and the Housing Finance Corporation’s chartered loans. There is also a loan management service that sends notifications according to the repayment schedule. It is a service that shows how much the remaining principal and interest are.
Credit loan products for businesses that are not easy to prove income can also be found on the platform. In Kakao Pay, you can check the interest rates and limits of business credit loans for small and medium-sized businesses from SC First Bank.
There are also places where the platform provides a separate preferential interest rate. Citibank, which has a relatively small number of branches, is a representative example. When applying for a loan through most loan comparison services such as Toss and Pinda, a preferential interest rate of 0.5% points per year is applied. It means that the interest rate will be reduced to the extent that it costs less than an over-the-counter loan.
In the second financial sector, there are also places that offer preferential interest rates up to 2.5% per year. A bank official said, “Because the loan platform also applies preferential interest rates for each corporate customer, there are cases where the interest rate is lower than visiting a branch office.”
Card loans and cash services There is also a trend to provide services that allow you to check interest rates and limits. Toss connects the cards of Shinhan, Samsung, Kookmin, and Hyundai cards that the user is using with a certificate, and informs the interest rate and limit of the card loan.
The loan inquiry service is also popular. Even after receiving a credit loan, you can find loan products that you can change whenever you have time. Pinda, Alda, and Tweezers N (Korea Financial Solutions) app diagnoses whether it is possible to exercise the right to request a rate cut, and based on this, you can use a service that recommends suitable loan products. These companies also provide financial companies with information that can raise their credit score, such as telecommunications companies and health insurance payment details, to recommend loan products on better terms.
However, you cannot search the interest rates and limits of all loan products indefinitely. Financial companies set a limit on the number of times a certain period of time to prevent the case of inquiring loan products from various financial companies through stolen ID cards.
Reporter Park Jin-woo [email protected]