P2P lending start-up passes the 200 billion won milestone

Home > Business > Finance

print dictionary print

P2P lending start-up passes the 200 billion won milestone

Lendit, 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

More in Finance

[NEWS ANALYSIS] As foreigners rush back, market does an about-face

CU gets into the foreign exchange transaction business

Kospi hits another record high despite Covid spike

5-day winning streak ends as Kospi drops 0.62 percent

Debt is the latest hot product being pushed into the market

Log in to Twitter or Facebook account to connect
with the Korea JoongAng Daily
help-image Social comment?
lock icon

To write comments, please log in to one of the accounts.

Standards Board Policy (0/250자)

What’s Popular Now