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Naver Pay (Npay) is partnering with KakaoBank to expand its credit loan comparison service for sole proprietors. By adding KakaoBank alongside Kbank and Toss Bank, users can now compare credit loan products from all three major South Korean internet-only banks in one place.

Npay announced on the 17th that it integrated KakaoBank's sole proprietor unsecured credit loan into its Npay Loan Comparison service. As of today, the newly introduced KakaoBank product offers rates starting from an annualized 3.426% and borrowing limits of up to 300 million won.

Npay Loan Comparison enables users to evaluate interest rates and limits across financial institutions for unsecured loans, home mortgages, and jeonse loans. With the KakaoBank partnership, the number of primary tier-one financial institutions available for credit loan comparisons on the platform has increased to 17.

In particular, Npay noted that it is the only platform in South Korea where users can compare sole proprietor credit loan offerings across all three internet-only lenders: KakaoBank, Kbank, and Toss Bank.

The company is also expanding loan offerings that incorporate its alternative credit scoring system, Npay Score. Npay Score assesses creditworthiness by combining financial records with proprietary non-financial data held by Naver Pay, such as order, payment, and merchant sales records.

Currently, around 30 financial institutions offer preferential loan terms, such as lower rates or expanded borrowing limits, to Npay Loan Comparison users based on their Npay Score.

Looking ahead, Npay plans to expand the role of Npay Score beyond preferential terms to actual underwriting and evaluation processes. Last month, Npay was appointed as a designated agent for the non-financial data-based credit loan underwriting services of Kbank and Welcome Savings Bank, and it aims to launch loan products exclusive to Npay Loan Comparison within the year.

An official from Npay said, "We will continue to expand our lineup of partner financial institutions and introduce innovative financial services powered by Npay Score."

                                                                                                         Son Kang-hoon