Banksalad revamps loan service home screen to help users cut interest costs

Banksalad announced Friday that it has overhauled the home screen of its loan service to guide users toward ways to minimize their interest payments.

Where the previous loan home screen gathered information on products such as personal credit loans, mortgage loans and loan refinancing in one place, the redesigned screen focuses on suggesting concrete ways for customers to reduce their interest burden — covering both those seeking new loans and those already carrying existing debt.

The redesigned loan home is organized into two tabs: "My Loans" and "Find a Loan." Customers who already hold loans are shown the My Loans tab first, which helps them manage their existing debt, while those looking for new financing are directed to the Find a Loan tab, which quickly surfaces the lowest available interest rates.

My Loans consolidates a customer's loan status and credit standing on a single screen. Users can check the total outstanding balance across all their loans, balances by account, credit score, debt service ratio, projected interest rate and loan approval rate.

An "Interest Reduction" feature launched in May has also been moved to a prominent position on the screen. It analyzes a customer's loan and credit profile to recommend actionable ways to cut interest costs, along with specific estimates of projected savings.

Last month, Banksalad launched a service that pays monthly interest subsidies to customers holding personal credit loans, mortgage loans or jeonse loans.

"We will continue to strengthen and expand our loan management offering to encompass the full experience of managing a loan after it has been taken out," a Banksalad official said.