webfact Posted April 2, 2020 Share Posted April 2, 2020 Pattaya: Hard up business owners flock to pawn their valuables Picture: 77kaoded Thai media reported that business owners in Pattaya are increasingly going to pawn shops to get much needed cash. The resort - once one of the most famous red light resorts in the world - is now all but shut down and with businesses facing going to the wall owners are desperate to get money any way they can. One of the ways is to go to pawn shops with items like necklaces and rings. 77kaoded went to "Sathan Thanuban" - a government pawn shop" - where they spoke to the manageress Amnuay. She said that trade was much brisker than normal. Most of the new customers were business owners. But they could cope with the influx caused by the Covid-19 crisis - they have reserves of 100 million baht. She said the terms now in place from April 1st were 0.125% per month interest on items under 5,000 baht value. Over 5,000 baht then interest must be paid at a rate of 1% per month. Thus pawning a one baht weight gold chain (worth almost 25,000 baht at today's prices) would cost 250 baht per each month on redemption. Source: 77kaoded -- © Copyright Thai Visa News 2020-04-02 Follow Thaivisa on LINE for breaking COVID-19 updates Link to comment Share on other sites More sharing options...
Popular Post PatOngo Posted April 2, 2020 Popular Post Share Posted April 2, 2020 So, a penny earned is a penny spent! No idea about saving in good times. 3 1 2 Link to comment Share on other sites More sharing options...
Leaver Posted April 2, 2020 Share Posted April 2, 2020 31 minutes ago, webfact said: But they could cope with the influx caused by the Covid-19 crisis - they have reserves of 100 million baht. Seems like these business owners were in the wrong business to start with. ???? 2 Link to comment Share on other sites More sharing options...
champers Posted April 2, 2020 Share Posted April 2, 2020 Many of these businesses are hand to mouth from day to day. Such owners cannot afford any profilgate spending. Link to comment Share on other sites More sharing options...
Popular Post mok199 Posted April 2, 2020 Popular Post Share Posted April 2, 2020 This will not end well... 4 Link to comment Share on other sites More sharing options...
rasmus5150 Posted April 2, 2020 Share Posted April 2, 2020 Well, many Thai nationals don't trust the banks, so they wear their fortune around their neck and wrists. The other day I went to the bank to have a little cash stash at home, so I guess I'm not much different. 2 Link to comment Share on other sites More sharing options...
Colabamumbai Posted April 2, 2020 Share Posted April 2, 2020 People wearing 4 Baht chains ripe for the picken. 1 Link to comment Share on other sites More sharing options...
Benmart Posted April 2, 2020 Share Posted April 2, 2020 I am grateful that I am healthy and financially solvent. I share what I can and pray, (not to a manfactued diety), for those less fortunate. Link to comment Share on other sites More sharing options...
phantomfiddler Posted April 2, 2020 Share Posted April 2, 2020 Actually a very fair interest rate compared to the upcountry monetary rapists who end up owning the farm ! 2 Link to comment Share on other sites More sharing options...
hotchilli Posted April 2, 2020 Share Posted April 2, 2020 7 hours ago, webfact said: One of the ways is to go to pawn shops with items like necklaces and rings. 77kaoded went to "Sathan Thanuban" - a government pawn shop" - where they spoke to the manageress Amnuay. A lot of the bar girls will be shedding the gold soon... kept for such a rainy day! Link to comment Share on other sites More sharing options...
Elkski Posted April 2, 2020 Share Posted April 2, 2020 So iearrings? (8 times less interest?) to have many 4900 baht gold earings?like many things in Thailand this makes no sense. So the government owns pawn shops. How convenient Link to comment Share on other sites More sharing options...
cardinalblue Posted April 2, 2020 Share Posted April 2, 2020 How do BGs keep up their skills up? Do they go home? Do they try home delivery? Unemployment insurance? 2 Link to comment Share on other sites More sharing options...
Lacessit Posted April 2, 2020 Share Posted April 2, 2020 Most rural Thais have more faith in gold than Thai banks. Can't say I blame them. Link to comment Share on other sites More sharing options...
Lacessit Posted April 2, 2020 Share Posted April 2, 2020 7 minutes ago, cardinalblue said: How do BGs keep up their skills up? Do they go home? Do they try home delivery? Unemployment insurance? They usually try their luck on Thai Friendly. 2 Link to comment Share on other sites More sharing options...
sead Posted April 2, 2020 Share Posted April 2, 2020 That's really good offers Link to comment Share on other sites More sharing options...
BritManToo Posted April 2, 2020 Share Posted April 2, 2020 11 minutes ago, Lacessit said: They usually try their luck on Thai Friendly. Are the short time hotels still open? Just wondering ............ Link to comment Share on other sites More sharing options...
Tropposurfer Posted April 2, 2020 Share Posted April 2, 2020 Soon a good time to pick up a super priced grey-market Benz me thinks. Link to comment Share on other sites More sharing options...
Burma Bill Posted April 2, 2020 Share Posted April 2, 2020 quote:- "once one of the most famous red light resorts in the world" And once the virus is cleared, a gambling enclave for the Chinese!! Link to comment Share on other sites More sharing options...
gk10002000 Posted April 2, 2020 Share Posted April 2, 2020 Of course most did not invest in any sort of dividend or interest paying equity, stock, bond, etc. Just bought something that is shiny and does nothing more. Link to comment Share on other sites More sharing options...
PatOngo Posted April 2, 2020 Share Posted April 2, 2020 I think I saw Porn at the pawn shop pawning her porn collection! 1 Link to comment Share on other sites More sharing options...
PatOngo Posted April 2, 2020 Share Posted April 2, 2020 2 hours ago, gk10002000 said: Of course most did not invest in any sort of dividend or interest paying equity, stock, bond, etc. Just bought something that is shiny and does nothing more. I find they spend a lot of money buying "face!" Whether they can afford it or not! 1 Link to comment Share on other sites More sharing options...
Justgrazing Posted April 2, 2020 Share Posted April 2, 2020 (edited) 15 hours ago, webfact said: She said the terms now in place from April 1st were 0.125% per month interest on items under 5,000 baht value. Over 5,000 baht then interest must be paid at a rate of 1% per month. I'll have 4999 bt at that lower rate please .. Edited April 2, 2020 by Justgrazing Sp Link to comment Share on other sites More sharing options...
Susco Posted April 2, 2020 Share Posted April 2, 2020 6 hours ago, Elkski said: So the government owns pawn shops. How convenient As far as I'm aware there are also privately owned pawn shops...............slightly different rate though Link to comment Share on other sites More sharing options...
jacko45k Posted April 2, 2020 Share Posted April 2, 2020 11 hours ago, cardinalblue said: How do BGs keep up their skills up? Do they go home? Do they try home delivery? Unemployment insurance? It's like riding a bike...... Link to comment Share on other sites More sharing options...
bkk6060 Posted April 2, 2020 Share Posted April 2, 2020 That is actually a very low pawn interest rate. Link to comment Share on other sites More sharing options...
Leaver Posted April 3, 2020 Share Posted April 3, 2020 (edited) 21 hours ago, phantomfiddler said: Actually a very fair interest rate compared to the upcountry monetary rapists who end up owning the farm ! This is a proper pawn store. I think you are referring to the loan sharks, and they will be ramping up for a big increase in business in the next next month. Edited April 3, 2020 by Leaver Link to comment Share on other sites More sharing options...
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