Loan Sharks are making a large profit across Thailand

[Harveyboy]

4 hours ago, Sydebolle said:

It is in the education. Do not spend money you do not have, if you need a loan for a bigger investment like a house, then see a bank. Latter is charging you also a fortune and takes a collateral double the value of the loan reason but still better than the gentlemen and ladies with golden rings, amulets and huge handbags. 

yep put those big 4x4 Toyota's on hold 

even tho i feel sorry for the every day person who has to borrow money to simply live..there are a lot who simply borrow for the 

Look What I Have 

[TropicalGuy]

4 hours ago, vandeventer said:

These loan sharks are everywhere and it's been going on since man lived in caves. They always get  their money back as they hold your green book on your car or bike. I went to the bank the other day to get a credit card and they said I have to put 50,000 baht in the account that I can't touch before I can get a card. So as I said the loan sharks are everywhere.

Added to my draft book “ 101Things Making No Sense in Thailand”.
Like Male Touts outside Female Lap Dance Clubs, Imaginary Sky High Property & Land Valuations, Raising Prices as Fewer Customers. ????????????

[StayinThailand2much]

1 hour ago, JimTripper said:

Can they be paid off with boom boom, just deducting a set amount each time?

I once knew a girl from Pattaya, who had to pay off her debt from police fines with 2-week 'boom boom' with a cop...

Edited June 14, 2022 by StayinThailand2much

[Excel]

Just now, StayinThailand2much said:

I once knew a girl from Pattaya, who had to pay of her debt from police fines with 2-week 'boom boom'...

Is that the same one I knew who deliberately used to get police fines ????

[sscc]

Loan Shark = Large Profit   is a given anytime, anywhere in the world. 

[itsari]

5 hours ago, dkg224 said:

The local village loanshark in my girlfriends village in Buriram just finished building a brand new 2 story house. I was up there last week playing snooker at his house in the lower level snooker room. 
just about everyone in her village has or is currently borrowing money. 
My gfs cousin borrowed 10,000 to, yes buy a iPhone and hasn’t paid any back in 6 months. She now owes him like 35-40k and she makes 9k a month working 

Cant you find a better friend to have a drink with ?

[Millcx]

7 hours ago, itsari said:

I have business cards from illegal loan suppliers thrown at my house like confetti twice a day .

The police must be involved with the illegal loans for that to happen . 

Prob that company “Anutin Loans for the Poor” .. He can’t make ends meet with the lack of envelopes coming from Bars “;0)

[Lacessit]

2 hours ago, James105 said:

I remember a time when I also used to brag about my ability to do subtraction.   I was 5 years old and my parents were very proud of this ability.

Nice little backhander, are you proud of that ability too? Don't bother answering, on ignore now.

Edited June 14, 2022 by Lacessit

[jacko45k]

3 hours ago, Iron Tongue said:

Oh yes, loan sharks are terrible! -says people who come from countries with banks that charge 29% interest rates on credit card debt + late fees... 

Good point....and those payday loan types of places. 

 

 

[jimn]

My wife was telling me that her Aunt had to take out a quick loan for 100k baht and she is payinh 10k a month. I said thats not to bad she will soon pay that off. That was until she told me that its 10k a month without paying back any of the 100k. So basically she pays 10k a month until she pays back the 100k in one lump sum. Thats criminal.

[Excel]

1 minute ago, jimn said:

My wife was telling me that her Aunt had to take out a quick loan for 100k baht and she is payinh 10k a month. I said thats not to bad she will soon pay that off. That was until she told me that its 10k a month without paying back any of the 100k. So basically she pays 10k a month until she pays back the 100k in one lump sum. Thats criminal.

That maybe but pretty common

[joskeshake]

My GF made a loan of 300.000 Baht to repair the house where mama and the 3 children live in, this was in 2014, she pay 7000 baht a month and is still paying the same amount, I talked once to a police officer about that, but he told me nearly nothing they can do, because there are children involved. So keep on paying, the only solution would be to pay the 300.000 in one time, but I don't like it, I cant go to this man, because I would be big trouble then.

[vandeventer]

9 hours ago, DUNROAMIN said:

loan sharks have been rife across Thailand for decades. They prey on bad times to rip people off of their belongings.

This is why I help my Thai friends as much as I can in these hard times.

[BangkokReady]

16 hours ago, webfact said:

How many times do we read in the media that Police have arrested nine people during raids on premises believed used for illegal app-based loansharking in Bangkok and Chon Buri on Thursday morning. 

At this point, this has to be deliberate, right?  They're deliberately writing badly, as they realise that people like to discuss it, surely.

 

The sentence begins by implying we read of what is about to follow regularly, but then goes on to be so specific that we have probably never read this before, nor will we ever read it again.

[itsari]

10 hours ago, sscc said:

Loan Shark = Large Profit   is a given anytime, anywhere in the world. 

Loan Shark equals illegality . 

15 percent per annum maximum in Thailand 

Large abuse of the law 

[Bedfont]

17 hours ago, vandeventer said:

These loan sharks are everywhere and it's been going on since man lived in caves. They always get  their money back as they hold your green book on your car or bike. I went to the bank the other day to get a credit card and they said I have to put 50,000 baht in the account that I can't touch before I can get a card. So as I said the loan sharks are everywhere.

Banks require that foreigners deposit money equal to the amount usable before they give you a credit card. This is done to protect the bank from you, running up debt and then leaving the country. It makes perfect sense when you look at the reason.

[jacko45k]

6 hours ago, Bedfont said:

Banks require that foreigners deposit money equal to the amount usable before they give you a credit card. This is done to protect the bank from you, running up debt and then leaving the country. It makes perfect sense when you look at the reason.

Some banks do, others may require you to have a work permit.

I have such a deposit and often wonder when, if ever, I can get that money back. Probably have to hand back the card. 

[sscc]

10 hours ago, itsari said:

Loan Shark equals illegality . 

15 percent per annum maximum in Thailand 

Large abuse of the law 

Loan Shark by name / definition does not care about laws or legality or whatever. 

Loan Shark likely target 100+ percent interest per annum and collect both principle and interest by whatever means necessary 

[Hellfire]

Once loan sharks get you to borrow money once, they are likely to charge such high interest rates you won't ever repay
 

——

 

Such a BS. Interest rates are discussed before the deal is done. In 99% of cases people don’t get into trouble if they respect the agreements. I personally, was able to start my business 20 years ago with the help of loanshark’s loans (happened not in Thailand). I took the money and and gave it back in time. Was it expensive? Yes. Was it still useful for me? Definitely. After all, I did not loan the money for gambling, drugs or for a new iPhone.

 

 

Edited June 15, 2022 by Hellfire

[KanchanaburiGuy]

16 hours ago, joskeshake said:

My GF made a loan of 300.000 Baht to repair the house where mama and the 3 children live in, this was in 2014, she pay 7000 baht a month and is still paying the same amount, I talked once to a police officer about that, but he told me nearly nothing they can do, because there are children involved. So keep on paying, the only solution would be to pay the 300.000 in one time, but I don't like it, I cant go to this man, because I would be big trouble then.

Unbeknownst to me until 2 months ago, my wife did one almost identical to that, except as the lender. 200K, 6,000 a month, in 2016. Nearly six years later after an admittedly spotty payment record, still owed 200K, still expected to pay 6,000/mo.

 

When I found out the details, I was livid. My wife thought she was doing something "nice" because she was charging only 3% per month.......... when someone else would have charged a lot more. 

 

But, of course, that 3% payment was interest only............ the principle never went down. It's like my wife thought she had bought herself an annuity for 200K---payments for the rest of her life! 

 

In my wife's twisted mind, she thought she was "helping" this person when she lent her that money. Of course, what she was actually doing was putting her into a deeper hole. 

 

I bought the debt from my wife---200K. So she got her principle back.

 

The new arrangement I made was:  Pay 3,000/month, principle only. No interest. It'll be paid off in roughly 5 1/2 years. I figure she's ALREADY paid more than 300K in "interest" to my wife........ so it's well past time to let her off the hook! 

 

Why did this make sense for ME? 

 

Turns out that my wife "borrowed" 280K from ME back in 2014 and it's become apparent she's never going to pay me back. "Not now, not now! Later!" Bah! 

 

Now, I'd have no problem just saying "mai bpen rai" on the whole deal.......... married couple, and all that, y'know? ............ if she DIDN'T keep stringing me along about it! "Later, later!" ????????????

 

So now she feels like she's "paid me back" 200,000 of it........... because she's "given me" the 200,000 debt. (Nevermind the 5 1/2 years more it'll take to clear the total! 555) 

 

And I'm getting 3,000 baht more cash spending money each month........ of money I hadn't seen since 2014........... and was pretty sure I was never going see again! 

 

????????????

 

Cheers! 

[CrunchWrapSupreme]

I'm changing banks and let the old one run down to like 10 baht. As soon as this happened I started getting automated phone calls from loan sharks, sometimes three in a day. "Khun Pi (dear brother), you can borrow up to 500 thousand..." Haha.

 

It's one of the big govt banks. They got employees in there tipping off their loan shark buddies, letting them know who's fallen on desperate times. Same as when some here reported getting calls from agents, right after their immigration problems. They're all in on it.

[itsari]

6 hours ago, sscc said:

Loan Shark by name / definition does not care about laws or legality or whatever. 

Loan Shark likely target 100+ percent interest per annum and collect both principle and interest by whatever means necessary 

All you mention is the illegal situation in  Thailand regarding illegal money lending . 

All ok for you ?

[JimTripper]

11 hours ago, CrunchWrapSupreme said:

I'm changing banks and let the old one run down to like 10 baht. As soon as this happened I started getting automated phone calls from loan sharks, sometimes three in a day. "Khun Pi (dear brother), you can borrow up to 500 thousand..." Haha.

 

It's one of the big govt banks. They got employees in there tipping off their loan shark buddies, letting them know who's fallen on desperate times. Same as when some here reported getting calls from agents, right after their immigration problems. They're all in on it.

Can you pay it off in boom boom and find a lady loan shark?

[jacko45k]

22 hours ago, KanchanaburiGuy said:

The new arrangement I made was:  Pay 3,000/month, principle only. No interest. It'll be paid off in roughly 5 1/2 years. I figure she's ALREADY paid more than 300K in "interest" to my wife........ so it's well past time to let her off the hook! 

 

My Mrs did something similar and had the same attitude, she was doing a friend a favour. 

I wonder if the debtor in your case, will borrow again when she realizes she has paid off the debt in full?