Cheap Loans A Scam?

[newtronbom]

The old saying of the rich get richer, and the poor get poorer, seems to still stand. My partner went in to the bank today, to secure a loan of 300,000 baht - not a lot right? We want to purchase some land in Issan, to start up some "niche" farming. The Government has put in place this loan facility for people with few resources, to borrow money at a cheap interest rate, so that they don't have to resort to the "local mafia" and their extortionate interest rates. You have probably heard of it, or seen it advertised on the tele. He discovered it is a farce! People who were obviously poor, were being turned away in the droves - no chance. His wife has a fruit orchard, which is gvt valued at around 30 mill! So they got to see the manager, who was obviously embarrassed. Near 3 hours later, after much discussion, he told them that it is mainly the "RICH" who are getting the cheap loans, as you either have to have millions in assets(30 mill wasn't enough!) or you need a guarantor who is seriously rich to cover and guaranty your loan. They were only asking for 300,000 for goodness sake! My question is this - does Khun Abbisit know of this scam or not? What I have written here is fact. Not Troll!

Edited November 25, 2009 by newtronbom

[Wolfie]

Wouldnt supprise me to be honest

[PattayaParent]

Same same banks in the West.

Rupert Murdoch who was absolutely broke and stealing from his employees prension funds could get unsecured loans from banks without a problem.

But your average man on the street with a business plan needing seed money has no chance.

[caf]

Same same banks in the West.

Rupert Murdoch who was absolutely broke and stealing from his employees prension funds could get unsecured loans from banks without a problem.

But your average man on the street with a business plan needing seed money has no chance.

Do you mean Robert Maxwell?

[PattayaParent]

Same same banks in the West.

Rupert Murdoch who was absolutely broke and stealing from his employees prension funds could get unsecured loans from banks without a problem.

But your average man on the street with a business plan needing seed money has no chance.

Do you mean Robert Maxwell?

Yes, the one that fell off a boat.

Apologies to Rupert Murdoch.

[Wolfie]

Apologies to Rupert Murdoch.

I dont think he reads Thaivisa.com - i think you got away with it

[sassienie]

In this case the boots on the other foot.

It is the OP who is trying to scam the system and illegally trying to obtain a cheap bank loan usually reserved for poor working class Thai people. I understand this to be the case as the OP did quote; we. 300000 baht is a huge amount as regards for a poor Thai worker.

Working in Agriculture and financing the purchase of land in Thailand is illegal for aliens as imposed under Thai law.

He is using his partner as a front for an agricultural business and land ownership for the purposes of farming.

Perhaps the bank manager sussed out the OP and was being kind with the reason why the OPs partner would not be able to obtain a bank loan.

I have invested several million baht here with one of the Thai government owned banks for the purpose that my investment will benefit the poorer Thais who require a cheap loan, not for the benefit of scammers who want to illegally take advantage of the system in order to scratch out a living to be able to financially exist in Thailand.

Edited November 26, 2009 by sassienie

[bkkjames]

In this case the boots on the other foot.

It is the OP who is trying to scam the system and illegally trying to obtain a cheap bank loan usually reserved for poor working class Thai people. I understand this to be the case as the OP did quote; we. 300000 baht is a huge amount as regards for a poor Thai worker.

Working in Agriculture and financing the purchase of land in Thailand is illegal for aliens as imposed under Thai law.

He is using his partner as a front for an agricultural business and land ownership for the purposes of farming.

Perhaps the bank manager sussed out the OP and was being kind with the reason why the OPs partner would not be able to obtain a bank loan.

I have invested several million baht here with one of the Thai government owned banks for the purpose that my investment will benefit the poorer Thais who require a cheap loan, not for the benefit of scammers who want to illegally take advantage of the system in order to scratch out a living to be able to financially exist in Thailand.

For a minute there (until I looked at your Avatar and 'member' status', I thought it was Mr. Go6 who wrote this post.

[newtronbom]

In this case the boots on the other foot.

It is the OP who is trying to scam the system and illegally trying to obtain a cheap bank loan usually reserved for poor working class Thai people. I understand this to be the case as the OP did quote; we. 300000 baht is a huge amount as regards for a poor Thai worker.

Get real mate. Not all westerners are rich and have(so you say....) millions of baht to throw around. This guy and his wife are poor, or they wouldn't need the loan in the first place would they? And the land was offered by his wifes older sister as a form of security. There was no scam intended at all. How you deduct that from my post is beyond me - and you too obviously. She was doing very well selling at the local market, until the "Thai Mafia" demanded extortionist rates that she had no way of paying. It was for her and people like her, that this so called cheap loan thing was set up in the first place, and it still remains true, that only the rich are getting to use it. Get some poor Thai to apply for a loan, then you will see for yourself. Go around some of the markets here in Bangkok and ask the Thais what they payed to set up their operation(300,000 baht is peanuts these days), then when you come back down to earth, you could try making a post from personal knowledge and facts, instead of "flaming" a perfectly true post. You should get the facts right, before making biased comments like this! I could say more and say it differently, but the mods would spank me, so I will let you off lightly!!! PS: we all know of the corruption involved in the sort of thing you did - not that I am in any way implying that of course.....

Edited November 26, 2009 by newtronbom

[newtronbom]

hit the wrong button sorry mods. Also it was the bank manager who admitted in the end, that only the rich were taking advantage of this scheme. As I said in the post above - get some poor Thai to go for a loan and prove my post wrong. I for one will sleep well tonight. Can you tell me what is wrong with a Thai wife wanting to earn her own income, insteat of living off her husband? I find it an admirable attitude.

Edited November 26, 2009 by newtronbom

[newtronbom]

Another thing I forgot to mention, is that my partner is Thai himself. Either I was too tired or the "Leo" was getting to me at the time I made the post. We are more than getting by, but have just done a complete refit on my 50' ketch, so we are a little short of the readies at the moment, or I would give her the $ myself!

Edited November 27, 2009 by newtronbom