Kakao Bank review
Updated September 28, 2026 · SumCue Editorial Team · Facts checked September 26, 2026
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Our verdict
Kakao Bank suits Korean residents who want everyday banking that costs nothing to run, with a variable rate on savings and credit card cashback.
Key facts
Loans
- APR
- 5.212% to 8.784%↗
- Loan amount
- ₩1,000,000 to ₩300,000,000↗
- Term
- 12 to 60 months↗
- Arrangement fee
- None; stamp tax only when loan amount exceeds KRW 50 million - customer pays 50% of KRW 70,000 (over KRW 50m) or KRW 150,000 (over KRW 100m)↗
- Credit check
- Hard↗
- Rate type
- Variable↗
- Lender type
- Direct lender↗
- Free early repayment
- Yes↗
- Eligibility
- Korean nationals aged 19 or over, salaried employees with annual income of at least KRW 35 million and 1 year or more of employment, no credit default records↗
- Loan types
- Personal, Credit-line, Car, Secured, Business, Guarantor↗
- Credit needed
- Excellent↗
- Pricing model
- No monthly fee
Savings
Mortgages
Facts checked September 26, 2026, 7 sources
Pros and cons
Pros
- Cashback rewards on the credit card, with an annual fee of KRW 10,000 to KRW 15,000
- Direct lender for personal, car, secured, business and guarantor loans, with 5.212% to 8.784% APR and free early repayment
- Variable rate of 0.1% on easy access savings, with interest settled monthly and paid the next day
Cons
- Borrowing needs a hard credit check and excellent credit history, which narrows who qualifies
- Support runs on help centre only, with no phone or email line listed
- Credit card annual fees start at KRW 10,000 to KRW 15,000, above the site median of €0
Who it suits
- Korean nationals building a first savings habit with an easy access account and no monthly charge
- Salaried employees with a strong credit record looking for personal or car finance at 5.212% to 8.784%
- Households buying or remortgaging, with an initial mortgage rate of 4.493% and a product fee of KRW 0
Who should look elsewhere
- Anyone outside Korea, since the accounts and the credit card are open to domestic residents only
- Borrowers with a blemished credit record, as the lending criteria ask for no credit defaults
- Self employed applicants, because eligibility is written for salaried employees on a minimum income
How Kakao Bank compares
8.7 vs 9.4
8.7 vs 9.0
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8.7 vs 8.0- 8.7 vs 8.0
Where Kakao Bank is available
- Available
- South Korea
Countries from the brand (Source, checked September 26, 2026)
Frequently asked questions
How much is the credit card and what does it pay back?+
The annual fee is KRW 10,000 to KRW 15,000 on the credit card, and the rewards type is cashback, so spending earns money back rather than points. The card sits above the site median annual fee of €0, so the cashback needs to outweigh the charge to be worth it.
Who can borrow from Kakao Bank?+
Lending goes to Korean nationals of adult age who are salaried employees with a set minimum annual income and at least a year of employment. Applicants need no credit default records, the credit check is hard, and the credit needed is excellent. Borrowing runs directly from the bank as a direct lender.
What can I borrow for and over what period?+
Loan amounts run KRW 1,000,000 to KRW 300,000,000 and terms run 12 to 60, with APR of 5.212% to 8.784%. Loan types cover personal, credit line, car, secured, business and guarantor lending. Mortgages are a separate product with an initial rate of 4.493% and a product fee of KRW 0.
Are there fees to set up a loan?+
There is no arrangement fee on the personal loan. Stamp tax can apply once the loan amount passes a threshold, and the customer pays a share of that tax, rising on larger balances. Early repayment is free, so you can clear the balance early without an exit charge.
Which mortgage purposes does it cover?+
The mortgage product covers purchase, remortgage and first time buyer purposes. The initial rate is 4.493%, and the product fee is KRW 0. Borrowing is arranged directly with the bank, so applications run through Kakao Bank rather than a broker or marketplace.
Who is the savings account aimed at?+
The audience covers kids and business users as well as everyday savers, and the account kind is easy access with a variable rate of 0.1%. Openings are aimed at domestic residents above the minimum age, with no deposit limit and no contract period attached.
How do I get help if something goes wrong?+
Support is offered through a help centre, which is the only channel listed. There is no phone or email contact given, so complex questions may take longer to resolve. Access to the account itself needs domestic residency, which also decides who can use the products.
Sources
- en.wikipedia.org/wiki/KakaoBank checked September 26, 2026
Backs: Founded, Headquarters
“KakaoBank founded 2016”
- ja.wikidinero.com/en-kakao-bank-shinhan-card-ko checked September 26, 2026
Backs: Annual fee, Card kind, Features, Rewards type
“Domestic-only card: KRW 10,000 - Domestic and international card: KRW 15,000 for Kakao Bank Shinhan Card”
- kakaobank.com checked September 26, 2026
Backs: Card type, Legal entity
“Friends Check Card”
- kakaobank.com/view/service checked September 26, 2026
Backs: Audience
“mini for ages 7 and teenagers”
- kakaobank.com/products/loanCredit checked September 26, 2026
Backs: Loan amount, APR, Credit check, Credit needed, Eligibility, Free early repayment, Lender type, Arrangement fee, Term
“KakaoBank personal credit loan: maximum limit KRW 300 million ... minimum loan application amount KRW 1 million or more”
- kakaobank.com/products/mortgageLoan checked September 26, 2026
Backs: Initial rate, Product fee, Purpose
- kakaobank.com/products/withdrawal checked September 26, 2026
Backs: Access terms, Account kind, Headline rate, Pricing model, Monthly fee, Rate type
“Eligibility: domestic residents aged 14+ with real-name verification; deposit amount: no limit; contract period: no limit”
- kakaobank.com/view/service checked September 26, 2026
Backs: Loan types, Support channels
“Loans: overdraft credit line, personal credit loan, used car purchase loan, deposit-for-lease-and-rent guarantee loan, housing mortgage loan, sole-proprietor personal credit loan”
Compiled from 8 source pages, checked September 26, 2026. We did not open an account.
Not confirmed yet: Currency conversion fee, Free ATM withdrawals, Protection.
Related by the facts
Kakao Bank
Korean residents who want a fee free savings account and a debit card in the same place.