FSC designates 'proxy loan inquiry' as innovative financial service

App to apply for preliminary loan reviews on customers' behalf, reporting rates and limits

AI agent to help ease interest burden for mid- and low-credit borrowers

[Banksalad]
[Banksalad]

Customers whose credit scores rise or income increases will soon be able to receive guidance on more favorable loan terms without having to search for them personally. Banksalad is rolling out a service that applies for preliminary loan reviews on customers' behalf and reports back on available interest rates and borrowing limits.

The Financial Services Commission designated Banksalad's "proxy loan inquiry" as an innovative financial service at its regular meeting Wednesday, the company said Thursday.

Under the service, when a change occurs in a customer's credit score or income, Banksalad automatically submits a preliminary loan review request to financial institutions and notifies the customer of the results. Because loan rates and limits vary not only with credit scores but also with changes in income, employment and each lender's own screening criteria, the core function is to identify and present the most favorable terms available.

Customers grant the service a one-time authorization to query loan terms on their behalf, eliminating the need to repeatedly check conditions across multiple financial institutions. The authorization can be revoked at any time.

A preliminary review does not constitute an actual loan application or disbursement. Customers review the terms they receive and decide for themselves whether to proceed.

Banksalad plans to make the service a core feature of its AI lending agent. The company intends to expand its MyData service — which has focused on aggregating financial information in one place — toward actively reducing customers' interest burden.

The company also expects the service to improve loan access for mid- and low-credit borrowers, who can see significant swings in rates and limits from even small changes in their credit scores or income, making it time-consuming to track down favorable terms. Banksalad said the proxy inquiry service is designed to ease that burden and help such customers find loans at comparatively lower rates.

"Because customers find it difficult to monitor changes in loan conditions amid their busy daily lives, we designed this service so that Banksalad can proactively reach out and help reduce their interest burden," a Banksalad official said. "With this innovative financial service designation as a starting point, we will take a leading role in building a financial platform environment where anyone can make easier and more rational decisions, using MyData and AI agent technology."


snsd@heraldcorp.com