Loan sharks arrested after charging woman 300% interest 

 

Thai caption: Loan Sharks charging 300% interest

 

Authorities in Nakorn Sri Thammarat in southern Thailand conducted a sting after a woman reported she had fallen victim to a loan shark gang. 

 

Charlie, 35, and Chaiyaporn, 33, were caught red handed. "Srivichai" special forces seized their money (23,400 baht) and their pick-up. 

 

They said they worked for a big boss in Surat Thani and were collecting debts. 

 

The victim had borrowed 20,000 baht but been given only 18,000 because there were "special charges".

 

She was then obliged to pay the gang 1,000 baht interest a day. She had parted with 60,000 baht over the past two months and the loan still hadn't been repaid. 

 

The two men arrested were charged with loan sharking. 

 

Source: Sanook

 

 

-- © Copyright Thai Visa News 2019-07-23

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9 minutes ago, webfact said:

They said they worked for a big boss in Surat Thani and were collecting debts. 

Big boss is still out there.....????and he's not happy

Great news jail the snivelling lot of them for 300 years with a 300m fine so the tally book gets to tally ????

Loan sharking? Sounds more like extortion to me.

300% thats nowt !, see adverts for payday lenders on Tv, 1300% and more,thats UK.

no i am not condoning loan sharks,but desperate people need to think what they

are getting into,when they take these loans.

 regards worgeordie

I wish I could get 5 percent a year, but bank only gives 2 and these sharks asking 300

They said they worked for a big boss in Surat Thani and were collecting debts.

 

SO you go to bb and arrest him

Loan sharks are on the same level as drug dealers and murderers in my opinion. They ruin people's lives. They are scum. They seem to be everywhere in this country. 

 

Thais who use their services don't want to talk much....they are afraid.

2 hours ago, justin case said:

I wish I could get 5 percent a year, but bank only gives 2 and these sharks asking 300

Nobody able to calculate either the nominal and effective interest rate???

 

It is 5.960.364,478% effective and 1.636,359% nominal, considering she pays the interest at the end of every month, and received 18.000 THB only.  That is way more than 300%. 

 

 

8 hours ago, webfact said:

The two men arrested were charged with loan sharking

The two men were the collectors and they take the rap while the "big boss" is free as a bird !

that is give you and idea how they are stupid to borrow 20,000 and pay 1000  interet a day.LOS land of smile or land of s,,,,,

Well now ,People should know by now that if one can't get a loan from a bank that you are in trouble if one goes to a Loan Shark ,,,, But Hey One can't fix stupid  and that's what it is if one goes to a Loan Shark one Always lose.

9 hours ago, worgeordie said:

300% thats nowt !, see adverts for payday lenders on Tv, 1300% and more,thats UK.

no i am not condoning loan sharks,but desperate people need to think what they

are getting into,when they take these loans.

 regards worgeordie

I am shocked to hear that, in OZ there is a mandatory cap on interest allowed to be charged and ALL LENDERS are licensed. 

2 hours ago, rosst said:

I am shocked to hear that, in OZ there is a mandatory cap on interest allowed to be charged and ALL LENDERS are licensed. 

...the same in Thailand, if I remember right the rate is set at 28% effective interest per anum. 

I know somebody in Korat who has lend 300.000 and pay every month 7000, and her debt still stays at 300.000 until she can pay the full amount.