Woori Bank Offers 'Inclusive Finance Ladder' for High-Interest Loan Customers

Launch of "WON Dream Refinancing Loan"

Refinancing Support for Credit Loan Customers of Woori Financial Group’s Non-Bank Affiliates

Maximum Interest Rate Capped at 7% Per Annum, Repayment Period Up to 10 Years

Woori Bank has launched a refinancing product specifically designed to reduce the interest burden for customers of Woori Financial Group affiliates who are using high-interest credit loans. By capping the maximum interest rate at 7% per annum and introducing a repayment structure with installments for up to 10 years, the bank aims to lower the monthly repayment burden for customers with mid- to low-credit scores.

Provided by Woori Bank.

On May 27, Woori Bank announced the release of the "Woori WON Dream Refinancing Loan." This inclusive finance product is designed to allow customers currently using high-interest credit loans from Woori Card, Woori Savings Bank, and Woori Financial Capital to switch to Woori Bank’s relatively lower interest rate products.

Eligible applicants include customers currently holding high-interest credit loans from Woori Financial Group affiliates, specifically wage earners with annual income of 35 million won or less, non-wage earners such as freelancers, and homemakers. Woori Bank has broadened the range of eligible credit scores by utilizing an alternative credit evaluation system that incorporates not only financial transaction history but also non-financial data such as telecommunications and micro-payment records. This measure is intended to provide refinancing opportunities at banks for customers who have had difficulty receiving credit evaluations based solely on traditional financial information.

The maximum loan amount is 20 million won. The interest rate starts from the mid-4% range per annum. Notably, the maximum interest rate is limited to 7% per annum, allowing customers currently using high-interest credit loans to experience tangible relief in interest burden by refinancing with a bank.

The repayment structure is also focused on easing the customer’s burden. For the first time among its credit loan products, Woori Bank has introduced a hybrid installment repayment scheme with a maximum repayment period of up to 10 years. As a result, customers can lower their monthly principal and interest payments. Preferential interest rates are also offered to socially vulnerable customer groups, such as youth, the elderly, people with disabilities, basic livelihood recipients, and those in the low-income bracket (CB grade 7 or below) who qualify for inclusive finance.

The product can be applied for non-face-to-face via the "Woori WON Banking" mobile app, through the integrated inclusive finance service "Woori Inclusive Finance 36.5 Degrees." The service is available starting today, and also offers a "Comprehensive Inclusive Finance Limit Inquiry" feature, enabling customers to check loan limits and terms from Woori Bank, Woori Financial Group affiliates, and partner financial institutions all at once.

This content was produced with the assistance of AI translation services.