We present a fast algorithm for Korean text extraction and segmentation from subway signboards using smart phone sensors in order to minimize computational time and memory usage. The algorithm can be used as preprocessing steps for optical character recognition (OCR): binarization, text location, and segmentation. An image of a signboard captured by smart phone camera while holding smart phone by an arbitrary angle is rotated by the detected angle, as if the image was taken by holding a smart phone horizontally. Binarization is only performed once on the subset of connected components instead of the whole image area, resulting in a large reduction in computational time. Text location is guided by user's marker-line placed over the region of interest in binarized image via smart phone touch screen. Then, text segmentation utilizes the data of connected components received in the binarization step, and cuts the string into individual images for designated characters. The resulting data could be used as OCR input, hence solving the most difficult part of OCR on text area included in natural scene images. The experimental results showed that the binarization algorithm of our method is 3.5 and 3.7 times faster than Niblack and Sauvola adaptive-thresholding algorithms, respectively. In addition, our method achieved better quality than other methods.