BANGKOK (NNT) - The Finance Ministry’s Fiscal Policy Office (FPO) has called on pico-finance operators to help borrowers, especially since everyone is struggling due to the ongoing third wave of COVID-19.

 

FPO Director-General Kulaya Tantitemit said this latest wave has hit the economy very hard, affecting jobs and people’s daily lives.

 

She urged pico lenders to help ease borrowers’ burdens by cutting down on repayment amounts or extending the repayment period, turning short-term debts into long-term ones and granting debt moratoria or reducing the interest rates.

 

The director-general said pico lenders have until June 30 to submit their financial statement for the 2019 fiscal year, adding that the FPO hopes this will help borrowers overcome the COVID-19 crisis.

 

-- © Copyright NNT 2021-06-04

 

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Wonder what the loan

sharks are charging and if they are reducing interest.

The greedy can not regulate their own greed.
This is one place responsible governments should step in and regulate predatory usury.  But?  They won't.  They allow predatory lending and nicely ask that lender play nice.  Ridiculous. 

1 hour ago, ThailandRyan said:

Wonder what the loan

sharks are charging and if they are reducing interest.

Between 30 and 50% for a loan of a day in our village.

Borrow 100 bht today pay back between 130 and 150 bht tomorrow......insanity.

13 hours ago, ThailandRyan said:

Wonder what the loan

sharks are charging and if they are reducing interest.

For a monthly loan, to be re-paid daily +20%

miss a day the interest goes up...

shorter repayment times the interest can be higher.

Edited June 5, 20215 yr by hotchilli