Loan for Thai national?

[nss70]

I was approached by a member of the Thai side of the family to "invest" in a small business opportunity in Patong.

 

Although I'm unwilling to stump up the amount the venture looks sound and potentially profitable (smallish restaurant and 6 rooms for renting and person comes from a food selling background). The rent/lease is not the usual "landlords game" making the prospect very doable.

 

The person would require an input of between 500,000TB to 750,000THB, along with funds they already have, to make it happen

What are their chances of obtaining a loan that size, if possible which bank or finance house?

No pay slips

No collateral

[stevenl]

"No pay slips

No collateral"

No loan except for loan sharks at 5 Baht.

[LivinginKata]

Bank loan - no chance. Only the shark loaners at best 10% interest per month. Usually much more. No pay = broken arms, after that worse. Forget it.

[BEVUP]

42 minutes ago, nss70 said:

No pay slips

No collateral

Well that's a no brainer for starters

If they were any good prior, they would of at least have something as collateral 

 

Most of them do this ( have a crack at a business ) with little thought of a prospectus , & using other peoples money since a Bank wouldn't have a bar of them.

 

By the way, if you like donating money never to be seen again, at least give it to a needy organisation.

[nss70]

Just as I had assumed. Thought I'd ask anyway ?

Ta.

[NamKangMan]

Bank loan - no chance.

 

Farang loan - possible.

 

Why do you think they bought the subject up with you????

 

Don't walk - run.  ?

[madmitch]

If you're thinking about "investing" take a look at the Patong Wake thread first and do your own sums.

 

Also bear in mind that many Thai unsecured loans are never repaid. 

[NamKangMan]

10 hours ago, madmitch said:

If you're thinking about "investing" take a look at the Patong Wake thread first and do your own sums.

 

Also bear in mind that many Thai unsecured loans are never repaid. 

 

"Also bear in mind that many Thai unsecured loans are never repaid" - and also bare in mind that ALL Thai loans from foreigners are never repaid. 

 

Love and / or boom boom is not "security" here. ?

 

Edited June 17, 2018 by NamKangMan

[stevenl]

2 hours ago, NamKangMan said:

 

"Also bear in mind that many Thai unsecured loans are never repaid" - and also bare in mind that ALL Thai loans from foreigners are never repaid. 

 

Love and / or boom boom is not "security" here. ?

 

Nonsense.

[LivinginKata]

2 hours ago, NamKangMan said:

 

"Also bear in mind that many Thai unsecured loans are never repaid" - and also bare in mind that ALL Thai loans from foreigners are never repaid. 

 

Love and / or boom boom is not "security" here. ?

 

 

Rubbish - I have loaned Thai family members chunky amounts many times over 20 years. Every one paid back and with interest. 

 

Edit - and in times when I was short of building money they loaned me money.

Edited June 17, 2018 by LivinginKata

[madmitch]

10 hours ago, LivinginKata said:

 

Rubbish - I have loaned Thai family members chunky amounts many times over 20 years. Every one paid back and with interest. 

 

Edit - and in times when I was short of building money they loaned me money.

Sorry, I made the initial post that NKM reacted to.

 

I've found that as a foreigner I tend to get repaid if a member of the extended family or a close friend wants a loan, whereas my GF has a multitude of unpaid amounts outstanding. I think it's a face issue; they wouldn't lose face in not repaying their sister/cousin/best friend yet they would by not repaying me, though I may be wrong in that theory.

[BEVUP]

31 minutes ago, madmitch said:

Sorry, I made the initial post that NKM reacted to.

 

I've found that as a foreigner I tend to get repaid if a member of the extended family or a close friend wants a loan, whereas my GF has a multitude of unpaid amounts outstanding. I think it's a face issue; they wouldn't lose face in not repaying their sister/cousin/best friend yet they would by not repaying me, though I may be wrong in that theory.

It's the same world round " the good & the bad "

You better stay inside so those tickets don't blow of you

 

"AS A FOREIGNER " they would not give a crap about losing face - You just happen to have re payers.

 

Yes you are wrong 

 

The reason your GF doesn't get paid back is because of all the no hoper, hanger on's continually borrow money from each other & just shovel it around in a vicious circle.

If they can't continue that guess who doesn't get paid or just wont get paid because of the Foreigner 

 

" YOUR GF " 

[NamKangMan]

13 hours ago, LivinginKata said:

 

Rubbish - I have loaned Thai family members chunky amounts many times over 20 years. Every one paid back and with interest. 

 

Edit - and in times when I was short of building money they loaned me money.

 

Ahhh, the "my girl is different" syndrome.  ?  Do you consider to experience to be the norm?

 

Tell me, LIK, how a foreigner could have confidence in repayment.  Or, better still, how they could even legally enforce repayment?

 

You've been through the Courts here.  Once the money leaves your hand, it IS NOT coming back to you unless those that receive it chose to repay it. 

 

 

[stevenl]

2 minutes ago, NamKangMan said:

 

Ahhh, the "my girl is different" syndrome.  ?  Do you consider to experience to be the norm?

 

Tell me, LIK, how a foreigner could have confidence in repayment.  Or, better still, how they could even legally enforce repayment?

 

You've been through the Courts here.  Once the money leaves your hand, it IS NOT coming back to you unless those that receive it chose to repay it. 

 

 

You said " "Also bear in mind that many Thai unsecured loans are never repaid" - and also bare in mind that ALL Thai loans from foreigners are never repaid.  "

 

As a few people have said, simply not true. 2 people have even given examples why your statement is not true. So now you come with deflections, which are not related to your previous statement, which is simply not true.

[NamKangMan]

2 hours ago, BEVUP said:

It's the same world round " the good & the bad "

You better stay inside so those tickets don't blow of you

 

"AS A FOREIGNER " they would not give a crap about losing face - You just happen to have re payers.

 

Yes you are wrong 

 

The reason your GF doesn't get paid back is because of all the no hoper, hanger on's continually borrow money from each other & just shovel it around in a vicious circle.

If they can't continue that guess who doesn't get paid or just wont get paid because of the Foreigner 

 

" YOUR GF " 

 

"If they can't continue that guess who doesn't get paid or just wont get paid because of the Foreigner " YOUR GF " - and guess who's money she is using to gain "face" and make new friends????  ?

[NamKangMan]

4 minutes ago, stevenl said:

You said " "Also bear in mind that many Thai unsecured loans are never repaid" - and also bare in mind that ALL Thai loans from foreigners are never repaid.  "

 

As a few people have said, simply not true. 2 people have even given examples why your statement is not true. So now you come with deflections, which are not related to your previous statement, which is simply not true.

 

Ok, stevenl.

 

Would you care to take a "stab in the dark" at the percentage of foreigner to Thai repaid loans, compared to those never repaid???? 

 

You quote two examples of repaid loans, what about the thousands that are never repaid? 

 

They don't count, do they????

 

If a bank will not take on the risk, why would / should a foreigner????

 

 

 

Edited June 18, 2018 by NamKangMan

[LivinginKata]

Just now, NamKangMan said:

 

Ok, stevenl.

 

Would you care to take a "stab in the dark" at the percentage of foreigner to Thai repaid loans, compared to those never repaid???? 

 

You quote two examples of repaid loans, what about the thousands that are never repaid? 

 

They don't count, do they????

 

 

You stated - "that ALL Thai loans from foreigners are never repaid"

 

You were wrong and now you are deflecting - I might say trolling as  that's your MO.

[NamKangMan]

9 minutes ago, LivinginKata said:

 

You stated - "that ALL Thai loans from foreigners are never repaid"

 

You were wrong and now you are deflecting - I might say trolling as  that's your MO.

 

Like I said, "your girl is different."  ?

 

Just one random article from Google.

 

https://www.businesstimes.com.sg/government-economy/thai-household-debt-rises-to-record-859-of-gdp-at-end-2014-central-bank

 

I note you didn't offer a opinion of a percentage of repaid loans from foreigners to those not repaid.  

 

Edited June 18, 2018 by NamKangMan

[stevenl]

1 hour ago, NamKangMan said:

 

Ok, stevenl.

 

Would you care to take a "stab in the dark" at the percentage of foreigner to Thai repaid loans, compared to those never repaid???? 

 

You quote two examples of repaid loans, what about the thousands that are never repaid? 

 

They don't count, do they????

 

If a bank will not take on the risk, why would / should a foreigner????

 

 

 

You're trolling and deflecting, all to avoid a few simple words 'sorry, I was wrong'.

[NamKangMan]

1 hour ago, stevenl said:

You're trolling and deflecting, all to avoid a few simple words 'sorry, I was wrong'.

 

Ok, I was wrong.  A minority of of foreignesr who have loaned money to Thai's have been repaid.

 

Are you happy now?

 

Now, can we discuss the 99.999999999% of foreigner to Thai loans that are never repaid?  ? (yes - I have no evidence to back up that number)

 

Why don't we call a spade a spade and say they are not loans, they are "donations" and the money is never repaid. 

[pagallim]

Agreed, and the real irony is that farang to farang loans are much more likely to be not repaid.   

[NamKangMan]

1 hour ago, pagallim said:

Agreed, and the real irony is that farang to farang loans are much more likely to be not repaid.   

 

I agree, but they are "loans" where as Thai's consider the money given to be a "donation." 

 

Big difference. 

[pagallim]

 
I agree, but they are "loans" where as Thai's consider the money given to be a "donation." 
 
Big difference. 

You obviously speak from an experience which the majority of us have never had. Pray tell, how much did you lose?

Sent from my SM-G965F using Thailand Forum - Thaivisa mobile app

[jimster]

Middle class Thais are much more likely to repay their loans to a foreigner or a bank. Poorer Thais and bar girls? Not a chance. A larger percentage of farang get into relationships with the latter, hence why they assume all Thais are like that.

[nss70]

Just to clarify, I did state in my opening post that I was not willing to stump up the amount.

That was based on my own opinion of ever being repaid by that part of the family. The only time I have given (note, not loaned) money to my Thai rellies was to put one of them through higher education, as she had the potential and studied hard. That was rewarded by her good results and subsequent decent job.

However, the business in question looked viable which is why I asked the question.

If they cannot get finance themselves, without using the loan-sharks, then it's tough luck AFAIAC.

[NamKangMan]

15 hours ago, pagallim said:

You obviously speak from an experience which the majority of us have never had. Pray tell, how much did you lose?

Sent from my SM-G965F using Thailand Forum - Thaivisa mobile app
 

 

Never lost a baht here, except for maybe the odd drink added to my bill. 

 

Said it many times, and I'll say it again, for your benefit. 

 

I'm not here to adopt an extended Thai family in Issan, and their sick buffalo. 

 

I am not here to make a greedy Thai landlord rich. 

 

I'm here for the sea, sun, sand, seafood and snatch. 

 

I make Phuket / Thailand work for me, not the other way around. 

[NamKangMan]

13 hours ago, jimster said:

Middle class Thais are much more likely to repay their loans to a foreigner or a bank. Poorer Thais and bar girls? Not a chance. A larger percentage of farang get into relationships with the latter, hence why they assume all Thais are like that.

 

Correct, but should "the latter" not be included in the statistics and / or discussion????

 

Once again, are bar girls not "Thai nationals?" 

[NamKangMan]

41 minutes ago, nss70 said:

Just to clarify, I did state in my opening post that I was not willing to stump up the amount.

That was based on my own opinion of ever being repaid by that part of the family. The only time I have given (note, not loaned) money to my Thai rellies was to put one of them through higher education, as she had the potential and studied hard. That was rewarded by her good results and subsequent decent job.

However, the business in question looked viable which is why I asked the question.

If they cannot get finance themselves, without using the loan-sharks, then it's tough luck AFAIAC.

 

Fair play.

 

If a Thai bank will not loan the money, why should "The Bank of Farang?" 

 

However, how many guys in a similar situation get worn down by the Thai wife / girlfriend, and her family, and cave in and put the money in, never to see it again? 

[pagallim]

 

I have no interest in the amount of Thais who default on loans, be they from Farangs or any other source.   You are the one painting all Thais as bad risks, though the evidence that you offered were personal knowledge of BG's scamming clients.

 

"She said 20% of first-jobber debtors defaulted on their personal loans, higher than 15% of all Thai debtors who defaulted on their personal loans."   So, by inference, 80% and 85% of Thais did not default on their loans.   Incidentally, the UK's household debt to GDP has not been less than 85% since 2015.

 

Small Business Owners:   Self employed Bar Girls?

Working in Middle Management:   Bar Cashiers?

 

 

 

 

[darksidedog]

In response to a report of an off topic post, a very large number of posts have been removed.

Off topic was a key issue, while the bickering, baiting, flaming and trolling was as bad as pretty much any thread I have ever seen.

The thread has been hijacked totally, which is not acceptable.

The only reason a bunch of people are not getting warnings and suspensions is the sheer volume of them.

It would take me about three hours to deal with it all.

However, next person on this thread to go off topic, or say anything derogatory about another member is going to need to find something other than the forum to do for a few days. I hope I make myself very clear.

And if people want to talk about cycling, do it through PM, not on the forum, unless that is the topic!.