P2P lending start-up passes the 200 billion won milestoneLendit, a homegrown peer-to-peer financing start-up, said Monday that it has achieved an accumulated 200 billion won ($167.5 million) in consumer loans after five years in business.
It’s the first time a person-to-person lending platform devoted to consumer loans has passed that milestone in Korea, the company said.
Lendit credited its self-developed analysis model Lendit Credit Scoring System with playing a major role in the achievement. Lendit Credit Scoring System analyzes the borrower’s credit and financial data based on 300 types of information sourced from credit-rating agencies. Through its machine learning model, Lendit can better come up with a matching interest rate personalized for a specific borrower.
Lendit has set 50 million won as the per-person limit for consumer loans with an average interest rate of 10 percent. The minimum rate is 4.5 percent.
“Lendit plans to fortify the credit scoring system based on accumulated data from 200 billion loans, so that borrower can get a more detailed and matching interest rate,” said Kim Sung-joon, CEO of Lendit.
By Jin Eun-soo