Advice for Dealing with Loan Sharks

[thaiden1]

Does anyone have advice or experience  dealing with Loan Sharks that charge exorbitant interest rates. Good idea to report them to the police or army?

[Khun Jean]

Yes, don't ever deal with them.

 

If you can stay anonymous when you report them, sure. I would suggest an official body like Consumer Protection or the Ombudsman.

[Badrabbit]

Should they find out you reported them best to leave Thailand asap!! Even I know never ever borrow money from these people!

Sent from my SM-G610F using Thailand Forum - Thaivisa mobile app

[Vacuum]

Ajang wha? Report, why? The borrowers are not forced to use these so called "loan sharks".

[seajae]

my wifes mother used to live with us but went off on a gambling bender and never came back, She hocked all her gold and borrowed from her family to keep gambling, eventually she hit up a loan shark then did a runner(to a temple, last I heard she was wearing white robes). We had the loan shark show up at out house chasing the money, I didnt hesitate to let them know they would be getting nothing from us as it wasnt our debt and that she was not welcome here ever again, havent heard from them since. I think they realized I was just as p*ssed at her as they were and that we were not going to help her out or pay her bills as she had already bled enough money from us. Borrowing from loan sharks is bad news, not paying them back is a major health hazard

[Kwasaki]

Interested in why you are concerned and to get involved, best you leave alone IMO.

Money lenders ( loan sharks ) whatever you call em a risky business indeed, are used by people who have no choice sometimes because of some household or outside expense needed quickly.

The high interest rates are calculated by some if the borrower has no collateral, no property and usually the scoot/truck/car if any are hocked up to the eye-balls already.

Many Thai people are notorious for not paying back loans. 

[Destiny1990]

Why is this a concern to u?

[Expatthailover]

In the uk they are known as pay day loan companies and are legal.

[The Deerhunter]

23 hours ago, Kwasaki said:

Interested in why you are concerned and to get involved, best you leave alone IMO.

Money lenders ( loan sharks ) whatever you call em a risky business indeed, are used by people who have no choice sometimes because of some household or outside expense needed quickly.

The high interest rates are calculated by some if the borrower has no collateral, no property and usually the scoot/truck/car if any are hocked up to the eye-balls already.

Many Thai people are notorious for not paying back loans. 

10 to 20 percent PER MONTH.  And can afford to be well connected with most of the people you might think of reporting them to.  In some cases it is THE SAME PEOPLE.  Do it from the swampy departure lounge with a throw away sim card.  Or better still from overseas when you have no family or friends still in Thailand

[djayz]

I met a loan shark a few years ago, a friend of a friend, and she told me that most of her "customers" are cops and/or coppers' wives... 

Stay well away from them and if you must report them, good luck to you - it was nice not knowing you. 

[stropper]

in our village we had a couple who borrowed a million, or more , police are involved, the truth never came out, they have disappeared, leaving the young boy,  the family has had to pay, has broken a beautiful family up,

 

lots of threats , the husband got caught for drugs else where, brought back, bailed out  by our family again and has now disappeared again, rumor has it both are now dead!

 end of story, but they are still paying!

Edited June 9, 2018 by stropper
extra

[simon43]

My ex used to borrow money from loan sharks (probably still does).  As I lived just up the road, I made sure that these guys understood that her debts were nothing to do with me.  They used to wait outside her hotel on a fast motorbike, black helmet and a gun tucked into their belts, all for maybe 1,000 baht weekly payment.  On the occasion that she was late with the money, they pistol-whipped her brother.

 

Anyway, that's a long way of advising you to have nothing to do with these people, and absolutely do not go to the police or army if you value your life...  I speak from personal experience (which is why I now live in Myanmar....)

 

[flyingtlger]

On 6/7/2018 at 7:00 PM, thaiden1 said:

Does anyone have advice or experience  dealing with Loan Sharks that charge exorbitant interest rates.

Best advice to not use them at all.....

[sanemax]

My Thai Wife is well educated , has her own job, never worked in a bar , never asked me for money and has never borrowed any money from money lenders  and doesnt gamble and she also looks 20 years younger than she is  ?

[jenny2017]

3 hours ago, simon43 said:

My ex used to borrow money from loan sharks (probably still does).  As I lived just up the road, I made sure that these guys understood that her debts were nothing to do with me.  They used to wait outside her hotel on a fast motorbike, black helmet and a gun tucked into their belts, all for maybe 1,000 baht weekly payment.  On the occasion that she was late with the money, they pistol-whipped her brother.

 

Anyway, that's a long way of advising you to have nothing to do with these people, and absolutely do not go to the police or army if you value your life...  I speak from personal experience (which is why I now live in Myanmar....)

 

Some years ago, there was a loan shark who just wanted to eat some Somtham. He went to a little restaurant near a private hospital when a black motorcycle stopped in front of the place.

 

Two guys wearing full-face helmets approached him, two shots to his head were fired and the loan shark was history. OP, if you're planning to take money from them, forget it. It's a very serious business. 

 

[Vacuum]

1 hour ago, The Deerhunter said:

10 to 20 percent PER MONTH.

Yes, and? People who use their "services" (of their own free will, mind you) are often unreiliable and can not get a loan in a bank. Hence they are using the "opportunity" offered by these lenders to try to win back their losses at the High-Low or Pok-Daeng tables.

[NoshowJones]

I would be very surprised if any ex Pat ever got involved with load sharks.

[jenny2017]

1 minute ago, possum1931 said:

I would be very surprised if any ex Pat ever got involved with load sharks.

Maybe not expats, but their wives. If they don't receive their money, they might tell you that the next time they'll break your kneecaps.

And if that happens again, it's better to hang yourself. A lady we've known in our area was in such a fragged up situation and hang herself. 

[Kurtf]

25 minutes ago, sanemax said:

My Thai Wife is well educated , has her own job, never worked in a bar , never asked me for money and has never borrowed any money from money lenders  and doesnt gamble and she also looks 20 years younger than she is  ?

Mine is the same. Count your blessings as I do mine.

[Stevemercer]

50 minutes ago, sanemax said:

My Thai Wife is well educated , has her own job, never worked in a bar , never asked me for money and has never borrowed any money from money lenders  and doesnt gamble and she also looks 20 years younger than she is  ?

 

Me too!

[1FinickyOne]

1 hour ago, sanemax said:

My Thai Wife is well educated , has her own job, never worked in a bar , never asked me for money and has never borrowed any money from money lenders  and doesnt gamble and she also looks 20 years younger than she is  ?

what does this have to do with loansharking? Is she a loan shark who looks 20 years younger than her age? 

[sanemax]

6 minutes ago, kenk24 said:

what does this have to do with loansharking? Is she a loan shark who looks 20 years younger than her age? 

If you require her services, could you send me a PM 

[Vacuum]

3 hours ago, sanemax said:

My Thai Wife is well educated , has her own job, never worked in a bar , never asked me for money and has never borrowed any money from money lenders  and doesnt gamble and she also looks 20 years younger than she is  

Sounds perfect. Why did she marry you?

[Fairynuff]

On 6/8/2018 at 10:02 AM, Vacuum said:

Ajang wha? Report, why? The borrowers are not forced to use these so called "loan sharks".

Is it your compkete lack of  understanding...and compassion that leads you to make such a stupid statement 

[JAS21]

6 hours ago, sanemax said:

My Thai Wife is well educated , has her own job, never worked in a bar , never asked me for money and has never borrowed any money from money lenders  and doesnt gamble and she also looks 20 years younger than she is  ?

What is the nationality of your other wife ... 

[smotherb]

8 hours ago, The Deerhunter said:

10 to 20 percent PER MONTH.  And can afford to be well connected with most of the people you might think of reporting them to.  In some cases it is THE SAME PEOPLE.  Do it from the swampy departure lounge with a throw away sim card.  Or better still from overseas when you have no family or friends still in Thailand

These sharks are commonly referred to as 5-6; meaning, for every 5 you borrow you pay back 6. That is 20% and is usually based on payback in a week.

[The Deerhunter]

6 hours ago, Vacuum said:

Yes, and? People who use their "services" (of their own free will, mind you) are often unreiliable and can not get a loan in a bank. Hence they are using the "opportunity" offered by these lenders to try to win back their losses at the High-Low or Pok-Daeng tables.

We actually had a family member who was borrowing at 20pc a month to fund short term growth peaks for a legitimate business.

[OmarZaid]

9 hours ago, sanemax said:

My Thai Wife is well educated , has her own job, never worked in a bar , never asked me for money and has never borrowed any money from money lenders  and doesnt gamble and she also looks 20 years younger than she is  ?

ditto

[HerbalEd]

22 hours ago, sanemax said:

My Thai Wife is well educated , has her own job, never worked in a bar , never asked me for money and has never borrowed any money from money lenders  and doesnt gamble and she also looks 20 years younger than she is  ?

So what's your point? 

[MyFriend You]

Yes 

1)  Avoid them like the plague

2)  Don't get involved with TGF's, her family, or friends problems with loan sharks.

3)  If you think you can help, Fagetaboutit  you can't, and it will only be bad for you, nothing good will come out if it, you could lose your life.  No Shi'ite!!

4)  Going to the Authorities, Police, or Amphur will only get you exposed as a snitch and guess what??  re-read #3 above.

5)  Read an account on Stickboy a few years back.  an Aussie bar manager  on Soi Cowboy did exactly what you are thinking about doing, took a header off his 16th floor balcony.........cops say alcohol was the problem, Nope - he was a recovered alcoholic and born again Christian (some on forum will know who I am talking about)  never touched the stuff after quitting.  He turned in a loan shark that was gauging his girls.

 

I recommend you take a short vacation away from the problem.

Edited June 10, 2018 by TunnelRat69