Need Loan

[babuhavas]

Dear members

I am living and working in bangkok since 5 years already,i am looking for personal loan of 1 million baht,i went to kasikorn and thanachart banks they say NO PERSONAL LOANS TO FOREIGNERS.

which i was not surprised to hear.

so what other obtions i have?i dont have any thing to keep as security just my bank record,should i try in any specific bank who can help me?

please give me some serious advice.

babuhavas

[needforspeed]

very difficult, first af all do you have a work permit.

If not the only to get a loan would be true your employer in Thailand.

Good luck.

[Soutpeel]

Serious advice....you will not get a loan like this through any bank in Thailand or any bank anywhere else for that matter as you dont have any collaterial by the sounds of it...

So plan B

Family

Friends

business associates

[babuhavas]

very difficult, first af all do you have a work permit.

If not the only to get a loan would be true your employer in Thailand.

Good luck.

yes i have work permit since 5 years.

[babuhavas]

Serious advice....you will not get a loan like this through any bank in Thailand or any bank anywhere else for that matter as you dont have any collaterial by the sounds of it...

So plan B

Family

Friends

business associates

yes i have tried plan B also,no positive reply from anyone,i heard somewhere about LH bank that they give personal loan,how true is that?

[MiG16]

1 million baht is a fair bit of money with no collateral

the only other option would be to find someone who will act as gaurantor for the loan you take out (this usually has to be backed by some asset or a cash deposit account they hold). essentially it is almost like they are giving you the money themselves, so if you have already approached family and they refused to loan the money, Im not sure they will agree to act as gaurantor.

good luck

PS. if it is for some business idea, put together a proposal with cash flow predictions, and you may have a bit better luck.....

[Heng]

Sounds like a rock and a hard place situation. I don't think that even the 5-20% interest guys would loan it to you, unless you at the very least had a place of business where they would visit you every few days, if not every single day for the interest.

[F1fanatic]

If you've no money other than borrowing it - go back to the West.

It may not be ideal, but better than living in desperate hope here.

You may be lucky, but if you're young enough, you're better off back in your home country.

Sorry to be so harsh, but its the way it is.

[CWMcMurray]

What about one of those "loan groups" I know a friend of my wife joined a group of friends where each person puts money into a pot and then one of the group members get to take the money for a set amount of time paying interest back to the members on the money they borrowed.

I think they all vary in terms of the amounts of money, but I think I remember her talking about it and I believe the group she was in had about 3-4 hundred thousand that could be borrowed.

You may want to ask around to your Thai friends and business associates as usually the groups are "invite only"

Edited February 5, 2010 by CWMcMurray

[simon43]

What do you need the money for?

Is it a case of repaying gambling debts/loan sharks etc, where the alternative is to lose your legs?

Or is it because you want to purchase a condo/car/help GF's business etc etc?

If the former, then cheaper/safer to leave the country

If the latter, then learn to live within your means. (That's not a criticism of you BTW, simply that there are many things in life that we all want, but we can actually live quite happily without them)

As others have said, (and as I found from previous experience), it is extremely hard for a foreigner to borrow money in Thailand, unless they have suitable collateral. (Even with collateral, you will still probably have to get your loan from loan sharks).

Try to be happy with what you currently have - if you can get obtain what you crave for in the future, then consider that a bonus

Simon

[surayu]

Hi Babuhavas, what are you trying to achieve? maybe there are other ways to get what you need, it will surely be vital to know a bit more of your plan to think about how to help you, if you don't mind...

[astral]

There are Thai loan sharks who will lend money at 10% per month..........

Seriously without security you will not get a loan in Thailand or overseas for that matter.

[ukrules]

Serious advice....you will not get a loan like this through any bank in Thailand or any bank anywhere else for that matter as you dont have any collaterial by the sounds of it...

Incorrect, unsecured loans are normal in the UK. Only a few years ago I walked into my bank and borrowed £25,000 which is about 1.3M Baht. Completely unsecured, the money was credited the same day.

Or is it because you want to purchase a condo/car/help GF's business etc etc?

If the former, then cheaper/safer to leave the country

If the latter, then learn to live within your means. (That's not a criticism of you BTW, simply that there are many things in life that we all want, but we can actually live quite happily without them)

You seem to be suggesting that if you need to borrow money to buy a condo then you are living outside your means. Are you saying that nobody should get mortgages for this reason ?

[simon43]

UKRules - No, (in answer to your question). If you need to borrow money for a condo, then fine if you a Thai national wanting a mortgage in Thailand, or fine if you are a foreigner wanting a mortgage outside of Thailand, but not fine (not realistic), if you are a foreigner wanting to obtain a mortgage in Thailand.

It can be done, but not easily...

Just the way rules and life are in LoS

Simon

[gregb]

You can get a loan from Aeon or GE Capital. The term will be to the end of your current work permit, and they'll give you about 2, maybe 3 months salary depending on your history and time for repayment. Interest rates are about 25 - 28%.

Unless you have a very good job won't even come close to meeting 1 million baht, but it might make a dent. I don't think anyone is going to give you a multi year personal loan.

[needforspeed]

As you working for 5 years here did you try to get a advance on your salaris from your employer.

There are no other options for you.

Except Luck,

Buy a lottery ticket this month .

[lazygourmet]

Serious advice....you will not get a loan like this through any bank in Thailand or any bank anywhere else for that matter as you dont have any collaterial by the sounds of it...

So plan B

Family

Friends

business associates

yes i have tried plan B also,no positive reply from anyone,i heard somewhere about LH bank that they give personal loan,how true is that?

LH bank belongs to Land&House, they lend money (mortgage) to people buying property from them.

[jackr]

As well-intentioned as they may be I don't reckon the op is looking for replies about how to live within one's means.

Don't suppose you have a credit card you can max out? or perhaps go home, get a couple/three and max them out

[needforspeed]

As well-intentioned as they may be I don't reckon the op is looking for replies about how to live within one's means.

Don't suppose you have a credit card you can max out? or perhaps go home, get a couple/three and max them out

If he needs a loan and its so difficult to get for the OP, he would not be able to pay the credit card company's back within 90 days.

You could also advice him to go back home and robbed a bank or a couple/three and have a run.

[Valentine]

What about one of those "loan groups" I know a friend of my wife joined a group of friends where each person puts money into a pot and then one of the group members get to take the money for a set amount of time paying interest back to the members on the money they borrowed.

I think they all vary in terms of the amounts of money, but I think I remember her talking about it and I believe the group she was in had about 3-4 hundred thousand that could be borrowed.

You may want to ask around to your Thai friends and business associates as usually the groups are "invite only"

These communal funds work well if they last the distance & if you never borrow the money the payout at the end can be quite good. However, I have seen many instances where the borrowed money is not returned & everyone loses their money except the one who has absconded with it. It is completely dependent on the personal trustworthiness of the fund members.

[Heng]

Not to mention that you probably only want to be part of a group where everyone is an established business owner (so no one is tempted to pack up overnight after they 'pia share'). There are more than a few groups around in the amounts you require and more, but you should ask yourself first if such a group would let you in or not.

[TheJoker12]

loans are based on collateral. OP cites none.

[CWMcMurray]

Not to mention that you probably only want to be part of a group where everyone is an established business owner (so no one is tempted to pack up overnight after they 'pia share'). There are more than a few groups around in the amounts you require and more, but you should ask yourself first if such a group would let you in or not.

Yes, I have also heard that the "good groups" (i.e. those that have been going for years and no one has done a runner with the funds) are very selective and it may not be easy to get invited to join.

But if you have been working here for 5 yrs and have developed some contacts during that time it is not impossible to believe you may know someone who can give you an invite.

[Briggsy]

I am able to borrow a lot money using my UK credit cards. I did not even solicit this "loan potential". It was given to me and I have not worked in the UK for over 15 years!

Not only that, the last time I went back to the UK the bank happened to phone to "give me the good news that a personal loan that I had not requested was waiting for me at my local branch".

You won't get a loan in Thailand without collateral unless it's a loan from a friend.

Just go back to the West. The banks positively throw money at you. Even when you don't ask for it.

[babuhavas]

You can get a loan from Aeon or GE Capital. The term will be to the end of your current work permit, and they'll give you about 2, maybe 3 months salary depending on your history and time for repayment. Interest rates are about 25 - 28%.

Unless you have a very good job won't even come close to meeting 1 million baht, but it might make a dent. I don't think anyone is going to give you a multi year personal loan.

Thanks i will meet them on monday.

[terenceyeo]

1. do NOT get from loansharks. they are S_H_A_R_K_S.

2. ask your friends, relatives, company.

3. drop the whole idea of....1 million baht.

4. live within your means. simple lifestyle.

[slapout]

Not to mention that you probably only want to be part of a group where everyone is an established business owner (so no one is tempted to pack up overnight after they 'pia share'). There are more than a few groups around in the amounts you require and more, but you should ask yourself first if such a group would let you in or not.

Yes, I have also heard that the "good groups" (i.e. those that have been going for years and no one has done a runner with the funds) are very selective and it may not be easy to get invited to join.

But if you have been working here for 5 yrs and have developed some contacts during that time it is not impossible to believe you may know someone who can give you an invite.

Good groups my a.., In Cm the term was American shares 20 years ago and continues today in various formats. Of the dozen or so groups that I know of, I know of none who have continued for any length of time without someone absconding with the money, they high bid for. This apparently is a system set up by and for people/small business who have few assets, seasonal income, who think they know and can trust each of the participants. Those who took the money and ran, invariability had a highly mortgaged house, auto, etc and left in the auto with cash from 2 or 4 funds, in which they were members. A verifiable solid business will have a bank/personal contact who can arrange short term loans, the share system is for people described previously, while it would seem loan sharks handle the remainder. The op seems to fit the latter group.

[babuhavas]

Not to mention that you probably only want to be part of a group where everyone is an established business owner (so no one is tempted to pack up overnight after they 'pia share'). There are more than a few groups around in the amounts you require and more, but you should ask yourself first if such a group would let you in or not.

Yes, I have also heard that the "good groups" (i.e. those that have been going for years and no one has done a runner with the funds) are very selective and it may not be easy to get invited to join.

But if you have been working here for 5 yrs and have developed some contacts during that time it is not impossible to believe you may know someone who can give you an invite.

Good groups my a.., In Cm the term was American shares 20 years ago and continues today in various formats. Of the dozen or so groups that I know of, I know of none who have continued for any length of time without someone absconding with the money, they high bid for. This apparently is a system set up by and for people/small business who have few assets, seasonal income, who think they know and can trust each of the participants. Those who took the money and ran, invariability had a highly mortgaged house, auto, etc and left in the auto with cash from 2 or 4 funds, in which they were members. A verifiable solid business will have a bank/personal contact who can arrange short term loans, the share system is for people described previously, while it would seem loan sharks handle the remainder. The op seems to fit the latter group.

But where and how i can find these groups in bkk,can anyone help?

[mmushr00m]

Hate to burst the "go back home the banks will throw money at you" bubble but thats what caused the whole financial crisis. banks giving out loans to anyone that asked. Now they realised oops, most of these people cant pay it back......govt bailout!!!!

Banks have stopped doing that now, unless they still do in the UK. Do they?

[CWMcMurray]

Good groups my a.., In Cm the term was American shares 20 years ago and continues today in various formats. Of the dozen or so groups that I know of, I know of none who have continued for any length of time without someone absconding with the money, they high bid for. This apparently is a system set up by and for people/small business who have few assets, seasonal income, who think they know and can trust each of the participants. Those who took the money and ran, invariability had a highly mortgaged house, auto, etc and left in the auto with cash from 2 or 4 funds, in which they were members. A verifiable solid business will have a bank/personal contact who can arrange short term loans, the share system is for people described previously, while it would seem loan sharks handle the remainder. The op seems to fit the latter group.

Well, since he is looking to borrow rather than invest... it is pretty much a moot point...