Informal lender hit by a car after demanding payment from borrower

[itsari]

1 hour ago, FruitPudding said:

 

She had to pay 700 a day interest until she was able to return the initial loan.

 

The 700 a day is just interest,  not actually paying back the loan itself. She would still need to give back the whole 13,000, nevermind any interest paid.

Thank you for the help . 

Unbelievable amount , 1971 percent over 12 months or 5.4 percent each day . 

[Liverpool Lou]

1 hour ago, FruitPudding said:

 

Tell that to my EX who was unemployed and used two cars as collateral to get a 1 million baht loan.

Which formal lender was that?

[Liverpool Lou]

1 hour ago, FruitPudding said:

11 hours ago, Liverpool Lou said:

Could he, how could you know that?  Did he have a verifiable income - banks don't lend if there isn't any.

 

Yes, they do.

 

You use the asset as collateral.

 

If you don't pay,  they keep the car.

No, banks do not operate that way, income is a requirement to qualify for a loan, they're not in the business of collecting used cars.

[Liverpool Lou]

2 hours ago, itsari said:

Loan sharks do not quote a rate of interest is total b

No, it is not, they do not quote an actual rate of interest, they tell the borrower this is how much you have to repay each time, in baht.

[traveller101]

13 hours ago, Liverpool Lou said:

"Difficult to work out what interest rate the woman has agreed too".

Loan sharks don't quote an APR!   They front the cash and tell the borrower how much they have to pay per day/week/whatever.   The interest rate is irrelevant to the "informal" borrower who has no other source of funds.

Interesting - you seem to know it all - from personal experience??

Anyway, keep up the good work teaching others - so far 22 posts/comments and counting.

[FruitPudding]

1 hour ago, Liverpool Lou said:

Which formal lender was that?

 

Two banks.

[FruitPudding]

1 hour ago, Liverpool Lou said:

No, banks do not operate that way, income is a requirement to qualify for a loan, they're not in the business of collecting used cars.

 

I can assure you, at least two Thai banks that I know of operate that way.

[brfsa2]

At least he got what he deserved. We need more of these people who can make justice on their own. 

[sniggie]

My heart bleeds - as did he!