Toss Cuts Brokerage Commission on HaeSalLoan Special Scheme by 16% for Savings Banks
Annual Income of 35 Million Won or Less
Expanding Supply to the Bottom 20% in Credit Scores
On August 19, Toss announced that it will lower the brokerage commission fees on "HaeSalLoan Special Scheme" products offered by savings banks through its loan comparison service.
Toss explained that it has pursued a commission reduction to ease the financial burden on savings banks, which serve as a main channel for providing funds to individuals with mid- to low-credit scores. The goal is to help ensure that inclusive financial products reach more people. This reduction will apply through the end of this year.
HaeSalLoan is a loan program designed for individuals with low income or poor credit scores. Among these offerings, the HaeSalLoan Special Scheme specifically targets borrowers with an annual income of 35 million won or less who also fall within the bottom 20% of credit scores.
Toss has reduced the brokerage commission that savings banks pay when handling the HaeSalLoan Special Scheme by approximately 16% compared to previous rates. Currently, eight savings banks offer the HaeSalLoan Special Scheme through Toss's loan comparison platform.
This commission reduction has been implemented to strengthen the mutual partnership between Toss and participating savings banks. With lower commission fees, savings banks can provide more HaeSalLoan Special Scheme products, while users can compare and apply for products from multiple savings banks at once. Toss expects this collaboration will expand the supply of inclusive financial services to borrowers with the lowest credit scores, contributing to greater financial inclusion.
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A Toss representative stated, "Savings banks are important partners who provide essential funding to individuals with mid- to low-credit scores. We hope that this commission reduction will lead to a broader supply of inclusive financial products for borrowers with the lowest credit scores, and we will continue to collaborate with savings banks to further financial inclusion."
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