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Online investment-linked financial companies (on-to-up, P2P) are rapidly expanding their supply of mid-interest credit loans in partnership with savings banks. Linked loans have emerged as an alternative growth engine in the online investment sector, where the profit base has shrunk due to regulations on real estate and stock mortgage loans, but some point out that there are still obstacles to growth.

According to the Online Investment-linked Financial Association, the balance of savings bank-linked loans by 46 online investment companies was 508.21 billion won as of the end of July. Compared to 425.8 billion won at the end of June, it is an increase of 82.41 billion won and 19.4% in a month. This is the first time that the balance has exceeded 500 billion won since the introduction of the linked loan system.

The cumulative supply has also increased significantly. As of the end of July this year, the cumulative handling of savings bank-linked loans was KRW 600.49 billion, which was about 48 times larger than KRW 12.38 billion in July last year.

On-two-up and savings bank-linked loans are structured in which On-two companies recruit and discover loan applicants through online platforms, and savings banks are in charge of screening and executing loans. After that, the savings bank pays a fee to the platform operator.

The background of the expansion of the participation of savings banks is the regulation of household loan management. Savings banks can exclude 80% of linked loans to private middle and low-credit people from household loan management. Analysts say that the fact that mid-interest rate credit loans can be supplied while reducing the burden of managing the total amount of household loans is acting as an incentive.

In the on-to-business sector, linked loans are viewed as a new way out. This is because the existing profit window has been reduced due to strengthened regulations surrounding real estate mortgage loans and stock mortgage loans (stock loans). However, some say that there is a limit to making up for the overall sluggishness in the business sector only with the growth of linked loans.

In fact, the scope of participation of savings banks is still limited. Of the 49 savings banks that were designated as related innovative financial services in May last year, only 23 actually operate linked loans.

Limiting the proportion of investment by financial companies is considered a major factor that hinders participation. According to the current law, financial companies can invest up to 40% of the total recruitment amount of individual products.

For this reason, multiple savings banks must participate in order to create a loan. For example, in order to fill the entire product recruitment amount, at least three savings banks must share funds of 40%, 40%, and 20%, respectively. The industry explains that even if the loan is small, it will have to go through individual consultations with various financial companies, which will inevitably increase the time and cost of executing the loan.

"Recent series of regulations have increased the difficulty of the business sector," said an official from an on-investment company. "In the case of investment linked to savings banks, it is necessary to consider ways to manage the proportion of participation of specific institutions within the total balance of on-investment companies rather than limiting the number of participating institutions for each individual loan."