Rakuten Bank's card loan advertises rates starting at 1.9%. Sounds great on paper. But if you're borrowing under ¥1 million for the first time, your rate is 14.5%. Every single time.
That 1.9% floor only kicks in at an ¥8 million limit, which almost nobody qualifies for on a first application. So the rate you'll see on Rakuten, Seven Bank, and SMBC Mobit are a lot closer than the headlines suggest.
This comparison is for anyone living in Japan who needs cash soon and keeps running into the same three names. If you're a foreign resident, a freelancer, or someone who just wants to know what you'll pay on day one, this is the breakdown that skips the brochure language.
How the Interest Rates Break Down for First-Time Borrowers
The rates that matter are the ones you'll get on your first contract, and those look nothing like the advertised ranges.
Seven Bank's card loan charges 12.0% to 15.0% annually, with the rate determined entirely by your approved limit.
A limit of ¥100,000 to ¥500,000 locks you at 15.0%. A limit of ¥2.5 million to ¥3 million drops to 12.0%. But new borrowers are capped at ¥500,000, so your first-time rate is 15.0%, no exceptions.
Rakuten's "Low Rate" Requires a High Limit
Rakuten Bank Super Loan runs from 1.9% to 14.5%. The rate ladder has eight steps tied to your limit. Anything under ¥1 million pays 14.5% flat.
Between ¥1 million and ¥2 million, you're looking at 6.6% to 14.5%, but the lower end of that range depends on your credit profile.
I think the Rakuten headline rate misleads more people than any other number in Japanese consumer lending, because 14.5% is what roughly 80% of first-time applicants end up paying based on the ¥1 million-and-under limit brackets that dominate new contracts.
SMBC Mobit Charges the Most Per Yen
SMBC Mobit ranges from 3.0% to 18.0%.
As a consumer finance company (not a bank), it follows lending law caps: 20% for loans under ¥100,000, 18% for ¥100,000 to under ¥1 million, and 15% for ¥1 million and above. Most first-time Mobit borrowers land at 18.0%.
The gap between Rakuten at 14.5% and Mobit at 18.0% is 3.5 percentage points. On a ¥300,000 loan repaid over 12 months, that difference costs roughly ¥5,000 to ¥6,000 in total interest. Not nothing, but not the chasm the rate sheets imply.
Speed of Funding: Where Mobit Earns Its Premium
SMBC Mobit processes applications in as little as 15 minutes and can deposit funds the same business day.审査 hours run 9:00 to 21:00, including weekends and holidays. If you apply by 14:50 on a weekday, same-day bank transfer is possible.
Seven Bank Takes About Two Days
Seven Bank's loan typically takes two business days from application to disbursement. Everything runs through Seven Bank ATMs, and you need a Seven Bank account to apply. If you don't have one, opening the account adds more time.
Rakuten Cannot Fund Same-Day
Rakuten Bank, like all Japanese bank card loans, cannot issue same-day funding. The Bank of Japan's voluntary lending guidelines pushed banks to add a waiting period for card loan screening. Expect at least one business day, sometimes several.
So if you need money today, Mobit is the only option among these three. Seven Bank is next. Rakuten is last. Does the speed justify paying 18% instead of 14.5%? For a two-week bridge loan, probably. For six months of borrowing, the math changes fast.
Loan Limits and Who Can Apply
Each lender draws different lines on age, residency, and maximum borrowing.
| Feature | Seven Bank | Rakuten Bank | SMBC Mobit |
|---|---|---|---|
| Interest Rate | 12.0%–15.0% | 1.9%–14.5% | 3.0%–18.0% |
| Limit Range | ¥10,000–¥3,000,000 | ¥100,000–¥8,000,000 | ¥10,000–¥8,000,000 |
| New User Cap | ¥500,000 | None stated | Determined by screening |
| Age Range | 20–69 | 20–62 | 20–74 |
| Same-Day Funding | No | No | Yes (conditions apply) |
| Account Required | Seven Bank account | No (but helps) | No |
Rakuten's age ceiling of 62 is the tightest of the three. SMBC Mobit goes up to 74, which is unusually generous for Japanese consumer finance.
Foreign Residents Face Extra Barriers
Seven Bank requires permanent residency (永住権) for foreign applicants. No exceptions listed on the Seven Bank English loan page.
Rakuten Bank also requires permanent or special permanent residency. SMBC Mobit has the same permanent-residency requirement.
If you're on a work visa or student visa without permanent residency, none of these three lenders will approve you. Smaller consumer finance companies or employer-based loans may be the only path.
The Rakuten Ecosystem Angle
Rakuten Bank's card loan integrates with Rakuten Points, and the bank occasionally runs half-rate campaigns.
The most recent campaign listed on e-Loan cuts the published rates in half through November 2026: 14.5% becomes 7.25%, and 1.9% becomes 0.95%.
Campaign Rates Have an Expiration Date
Those promotional rates last for a limited window after contract signing. Once the campaign period ends, your rate reverts to the standard tier. If you plan to carry a balance longer than the promotional window, factor in the full rate for the remaining months.
I would pick Rakuten over Seven Bank for any loan above ¥500,000, because Seven Bank physically caps new users at that amount while Rakuten Bank starts at ¥100,000 with no stated new-user ceiling.
For anything under ¥300,000 that you need within hours, Mobit is the only realistic pick despite the rate penalty.
Repayment Convenience Differs More Than Expected
Seven Bank repayments happen at Seven Bank ATMs inside 7-Eleven stores. Convenient if you live near one, frustrating if you don't. Rakuten uses automatic bank deductions from your linked account on the 1st, 12th, 20th, or 27th of the month.
SMBC Mobit lets you repay at Sumitomo Mitsui Banking ATMs for free and at convenience store ATMs for a small fee (typically ¥110–¥220 per transaction).
Over a 12-month repayment cycle, those ATM fees stack up to ¥1,320–¥2,640 if you're using convenience stores every month.
What Trips Up Most Borrowers in Japan
The biggest mistake isn't picking the wrong lender. It's ignoring the total cost of borrowing calculation and fixating on the headline rate alone.
A ¥500,000 loan at Seven Bank's 15.0% repaid over 12 months costs roughly ¥41,000 in interest. The same amount at Mobit's 18.0% costs about ¥50,000. The same amount at Rakuten's 14.5% costs roughly ¥39,500.
The differences are real but smaller than the rate spread suggests, because these are relatively short-term, small-balance loans. The rate gap matters exponentially more on larger, longer loans.
Anyone borrowing ¥3 million or more over several years should treat Rakuten as the clear front-runner on cost alone. Common missteps to watch for when applying:
- Applying to multiple lenders simultaneously, which creates multiple credit inquiries on your CIC (Credit Information Center) record within a short window
- Forgetting that card loan balances count against your total borrowing ratio under Japan's 総量規制 (aggregate lending regulation), which caps unsecured consumer loans at one-third of annual income
- Missing a repayment deadline, which triggers a late fee and a negative mark on your credit record that lasts five years
Questions People Ask About Japan Card Loans
A few common searches that come up around Seven Bank, Rakuten Bank, and SMBC Mobit loans.
- Q: Can I use a Seven Bank loan without a Seven Bank account?
No. A Seven Bank account is a hard requirement before you can even start the loan application. Opening the account is free and can be done online, but it adds processing time if you don't already have one. - Q: Does SMBC Mobit have a no-interest introductory period?
No. Unlike some competitors like Promise (also under the SMBC Group), Mobit offers no interest-free window for new borrowers. Every day from disbursement accrues interest at your contracted rate. - Q: Is Rakuten Bank's half-rate campaign worth waiting for?
It depends on timing. The campaign runs periodically, not continuously. If your borrowing need is urgent, waiting weeks for a promotional window may not be practical. But if you can time your application, a 7.25% rate on a sub-¥1 million loan is sharply below any standard rate among these three. - Q: What happens if I'm denied by all three lenders?
Your CIC record will show three recent inquiries, which can lower your approval odds at other institutions for several months. A better approach: check each lender's basic eligibility criteria and pre-qualification tools before submitting a formal application. - Q: Are these loans available to self-employed workers?
Technically yes, all three accept self-employed applicants with stable income. The screening is stricter, though, and approved limits tend to be lower. Rakuten requires at least two years of tax returns in many cases.
Conclusion
The loan you pick should match the timeline and amount you need, not the rate that looks best on a comparison chart. Mobit trades cost for speed.
Rakuten trades speed for cost. Seven Bank sits in a narrow lane for small, moderately fast borrowing tied to 7-Eleven's ATM network.
None of them is a universal fit, and the one that works best for your situation might be the one with the least attractive headline number.