[Herald Economy=Reporter Kim Kwang-woo] Toss Bank and Gwangju Bank announced on the 30th that their collaborative loan, dubbed “Together Loan,” exceeded 150 billion won in balance just 62 days after its launch, making it the first joint loan service offered by financial institutions.
According to Toss Bank, customers were able to take out loans at an average interest rate of 5.88%, which is 1.13 percentage points lower than their standard credit loans. Additionally, the average loan execution amount was 30.1 million won, 1.55 times higher than the average credit loan execution amount of 19.48 million won. A diverse range of customers, including those with a credit score in the 600s (KCB standard), also received loans.
Together Loan is the first innovative financial product co-developed by an internet bank and a local bank, targeting salaried employees for credit loans. It was designated as an innovative financial service in June at the regular meeting of the Financial Services Commission. Toss Bank and Gwangju Bank share the loan funds 50-50, while Toss Bank manages loan execution and administration.
Toss Bank attributes the high market response to the accessibility and convenience it offers, as customers can access loan services through the Toss Bank application. The simplicity, taking around 1 minute and 30 seconds, is also considered an advantage.
A representative from Toss Bank stated, “Together Loan, the first attempt in the financial sector, not only adheres to household debt management policies by distributing loans across two banks, but also provides quality loans to loan demand customers. We aim to further promote the value of collaboration and coexistence with other banks, thanks to high interest and support from financial authorities.”
Customers can apply for Together Loan in the credit loan section of the Toss Bank app. During the application process, they can also easily compare other approved credit loan products from Toss Bank.