Unsecured Loans, Advise needed

[bkkmicky]

Hi,
I have lived in Bangkok now for 35 years and have been married to a Thai for the last 6.
My wife would like to start a small business but unfortunately we lack the financing need. 100,000฿ is needed for startup. It has been well thought out with a good business plan.
What we are looking for is a good reliable lender with sensible interest rates to provide us with an unsecured loan.
I am familiar with all the horror stories associated with these people, hence this post.
This why I am asking anyone who may be able to point me in the right direction would be very welcome.
Any advice you can give me would be very welcome. Many thanks.

[CharlieH]

Moved to finance forum

[Crossy]

Secured would be far better, after 35 years can you not come up with 3k US worth of security?

 

Property, car, even a motorcycle?

 

Have you tried your bank? I've only been here since 2004 but would have no problem coming up with half a million Baht worth of unsecured bank loans.

 

Your good lady would be better placed to negotiate with the local finance chaps, but unsecured expect an interest rate to give you palpitations. Repayment period?

 

[blackcab]

You will have the best chance from your wife's family and friends. This is the normal route taken by Thai people.

 

You are looking for, "a good reliable lender with sensible interest rates to provide us with an unsecured loan". Formal lenders will be looking for people with a good credit history and the ability to repay the loan.

 

Do either of you have a good credit history or a stable source of income?

[PatOngo]

51 minutes ago, bkkmicky said:

have lived in Bangkok now for 35 years

 

51 minutes ago, bkkmicky said:

100,000฿ is needed for startup. It has been well thought out with a good business plan.

????

[Puchaiyank]

Don't!

[Bruce Aussie Chiang Mai]

I think forget whole thing, sounds like a disaster waiting to happen.

 

[steven100]

unsecured loan !  .......  forget it ,   the interest rate will be so high you will end up in financial trouble.

Haven't you heard there is a world wide virus happening ... so unless your opening a factory that makes face masks or you have a vaccine ....  don't even think about it,  wait a year or so.

[1FinickyOne]

If you want sensible rates from someone who does not know you - then you will need to come up with sensible terms which would require either security or some proof, like income, that you will be able to repay the loan... 

 

If it were as well thought out as you say, finding a small sum such as 100k baht should have been thought out too... 

[scorecard]

On 5/9/2020 at 9:46 PM, blackcab said:

You will have the best chance from your wife's family and friends. This is the normal route taken by Thai people.

 

You are looking for, "a good reliable lender with sensible interest rates to provide us with an unsecured loan". Formal lenders will be looking for people with a good credit history and the ability to repay the loan.

 

Do either of you have a good credit history or a stable source of income?

Agree, but please borrow from a loan shark.

[hellohello123]

Unsecured loans

Don't have $3k

Well thought out business plan

"Advise needed"

 

Oh boy, 

 

[steven100]

31 minutes ago, hellohello123 said:

Unsecured loans

Don't have $3k

Well thought out business plan

"Advise needed"

 

Oh boy, 

 

it seems he's done all his homework ..... what could possibly go wrong   !

[hellohello123]

2 minutes ago, steven100 said:

it seems he's done all his homework ..... what could possibly go wrong   !

I have some magic beans,

Might see if op wants to buy them off me

[Jenkins9039]

Bangkok Bank - Just under 6% per annum (secured).

[kingstonkid]

There are many people that could loan that but the issues you are going to have is 

 

what is the business and have you run one before.

There is going to have to be some sort of collateral(either an objector parts of your bodies)

25% interest

 

[Andy from Kent]

How do you get a good credit rating in Thailand?

Are there credit bureaus publishing credit scores?

I only know there's a kind of Black Book  people use.

 

 

[Mick501]

Don't you need at least 200k in the bank for a spousal visa? (Could be wrong).  But if that's right,maybe use that and do visa runs until it's recouped.   Cheaper than paying 28-30% interest from a loan shark.  Oh, also recently found out that some take an additional 16% from the loan sum for insurance.

[digger70]

Unsecured Loans, Advise needed 

 

Best Advise is that you go to the bank. If you & you're Lady Can't get a loan Don't bother going to a Shark He will break you and you will have Nothing left.

[bwpage3]

35 years in Thailand and you cannot come up with $3,000?

 

How can you live like that?

 

 

 

 

[frequentatore]

30 minutes ago, Mick501 said:

Don't you need at least 200k in the bank for a spousal visa? (Could be wrong).  But if that's right,maybe use that and do visa runs until it's recouped.   Cheaper than paying 28-30% interest from a loan shark.  Oh, also recently found out that some take an additional 16% from the loan sum for insurance.

400,000 THB

[2 is 1]

 

 

[Mick501]

4 minutes ago, frequentatore said:

400,000 THB

Even at say 14% unsecured bank interest, that's 14000b interest each year.   Probably cover the cost of a couple of visa runs at least.  And no risk of being knee capped by a loan shark.

[sead]

So my ex was in the loanshark business. Lending 10000bht gives my gf 400bht a day until repayed. Now you go calculate the interest. And you better pay up because for 10000bht you will end up in a trunk if you dont have the money to pay. It is a good thing that you want to let her open something