▲ On the afternoon of the 31st, when the financial sector’s online one-stop exchange loan platform was implemented, commercial banks’ ATMs installed in downtown Seoul and the Kakao Pay loan comparison service ‘loan transfer’ screen. (yunhap news)
The amount of use of the ‘online/one-stop refinancing loan infrastructure’, which allows users to transfer existing credit loans to lower interest rates with smartphones, has exceeded 500 billion won.
The Financial Services Commission announced that a total of 19,778 loan asset transfers (500.5 billion won) were made on a cumulative basis as of 11:10 am on the same day through the refinancing loan infrastructure that started on the 31st of last month. It is estimated that the total amount of interest saved by consumers who have switched to lower interest rates is more than 10 billion won.
The usage amount is calculated based on the consumer’s existing loans that have been repaid so far, and is expected to be larger when measured based on the new handling amount. This is because some consumers not only lower interest rates through refinancing loans, but also increase loan limits.
As for the transfer of loans, cases in which bank consumers moved to other banks accounted for 82.5% of the total number of cases and 92.3% of the total amount. It was confirmed that the movement of customers of savings banks and credit finance companies also increased. It increased from 0.8% on the 31st of last month, the first day of release, to 16.2% on the 20th of this month.
An official from the Financial Services Commission said, “This is the result of more financial companies participating in the competition as the refinancing loan market revitalizes.” The number of financial companies whose inflow of loan assets exceeds the amount of outflow increased from 3 banks and 3 female warriors on the 31st of last month to 7 banks, 2 savings banks and 1 female warrior on the 20th of this month.
As Shinhan Bank and Finck additionally launched refinancing loan services on the same day, consumers can use a total of 9 loan comparison platforms and 35 financial company applications (apps) to transfer to advantageous loans.
On the other hand, the Financial Services Commission urged to be careful of illegal advertisements that pretend to be low-interest loan exchange loan services by taking advantage of the publicity effect of loan exchange loan infrastructure. An official from the Financial Services Commission said, “In addition to information that you can change to a lower interest rate, you must be especially careful if you are asked to deposit money into another person’s account or install a specific app (excluding loan comparison platforms and financial company apps) via text message or phone call.” .