slapout Posted February 6, 2010 Share Posted February 6, 2010 No mention of investment as the system described is a way to borrow monies for fairly short term expense. As mentioned previously these individuals usually know each other personally and still manage to find one of the deadbeats found through out the world. The op states he has had a work permit (thus I assume a job) for 5 years, if he has made no contacts/friends during that time who can help him, nor has his family responded to his request for monetary assistance, I would be surprised if any help will be forthcoming from this thread. Link to comment Share on other sites More sharing options...
Soutpeel Posted February 6, 2010 Share Posted February 6, 2010 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. This is the exact reason the word ecomomy ended up in the position it found itself not so long ago... Link to comment Share on other sites More sharing options...
Briggsy Posted February 6, 2010 Share Posted February 6, 2010 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? They still do 'cept now it's the government's money and it's worth less. Few lessons have been learnt. Link to comment Share on other sites More sharing options...
Soutpeel Posted February 6, 2010 Share Posted February 6, 2010 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. 25 to 28%.....Fukc me....OP be very careful what you are getting yourself into...methinks you are going to get yourself deeper in the sh*t than you already are...read what gregb is saying...."term will be end of your current work permit"....therefore 1 year term maximum... Link to comment Share on other sites More sharing options...
babuhavas Posted February 6, 2010 Author Share Posted February 6, 2010 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. 25 to 28%.....Fukc me....OP be very careful what you are getting yourself into...methinks you are going to get yourself deeper in the sh*t than you already are...read what gregb is saying...."term will be end of your current work permit"....therefore 1 year term maximum... yes i am aware of 25%,i will just go and talk with them,lets see what they have to offer me. Link to comment Share on other sites More sharing options...
TheJoker12 Posted February 6, 2010 Share Posted February 6, 2010 why won't you tell us what the money is for? Link to comment Share on other sites More sharing options...
babuhavas Posted February 6, 2010 Author Share Posted February 6, 2010 why won't you tell us what the money is for? its to get rid of some old debts and startup capital for new business. Link to comment Share on other sites More sharing options...
a2396 Posted February 6, 2010 Share Posted February 6, 2010 why won't you tell us what the money is for? Maybe he needs the money for sin sod or a house for his darling? Link to comment Share on other sites More sharing options...
jdinasia Posted February 6, 2010 Share Posted February 6, 2010 why won't you tell us what the money is for? its to get rid of some old debts and startup capital for new business. Hmmm you already have debt but you want a loan? In a country where you have no credit history and no collateral? It just aint gonna happen. Link to comment Share on other sites More sharing options...
Schillaci Posted February 6, 2010 Share Posted February 6, 2010 25% interest is INSANE. Link to comment Share on other sites More sharing options...
needforspeed Posted February 6, 2010 Share Posted February 6, 2010 25% interest is INSANE. If is old dept has a interest higher than 25 it isn't . But to invest, you need to have a high profitable business to make that kind of money. Link to comment Share on other sites More sharing options...
davyboy Posted February 6, 2010 Share Posted February 6, 2010 25% interest is INSANE. Especially on a one million baht loan. Link to comment Share on other sites More sharing options...
needforspeed Posted February 6, 2010 Share Posted February 6, 2010 25% interest is INSANE. If is old dept has a interest higher than 25 it isn't . But to invest, you need to have a high profitable business to make that kind of money. Sorry you are right, it would be a wise decision but 25% is insane indeed. Link to comment Share on other sites More sharing options...
robblok Posted February 6, 2010 Share Posted February 6, 2010 25% interest is INSANE. If is old dept has a interest higher than 25 it isn't . But to invest, you need to have a high profitable business to make that kind of money. Sorry you are right, it would be a wise decision but 25% is insane indeed. Just as insane to loan money to someone without collateral. Link to comment Share on other sites More sharing options...
needforspeed Posted February 6, 2010 Share Posted February 6, 2010 Sorry you are right, it would be a wise decision but 25% is insane indeed. Just as insane to loan money to someone without collateral. Agree, but that is the reason they ask 25 % for a loan. Link to comment Share on other sites More sharing options...
robblok Posted February 6, 2010 Share Posted February 6, 2010 I know it is i also know that i would not take that risk easily even though 25% is a lot of money Link to comment Share on other sites More sharing options...
hawthorne Posted February 6, 2010 Share Posted February 6, 2010 If you can not pay off the old loans now why take out additional money at a higher interest rate. Forget the idea of the business. Get a part time job. Link to comment Share on other sites More sharing options...
needforspeed Posted February 6, 2010 Share Posted February 6, 2010 If you can not pay off the old loans now why take out additional money at a higher interest rate. Forget the idea of the business. Get a part time job. Maybe i miss something but who said that the additional money has a higher interest? Link to comment Share on other sites More sharing options...
TheJoker12 Posted February 6, 2010 Share Posted February 6, 2010 what are the terms of your current debt? sounds like there is more to this story. perhaps he is in debt with sharks. perhaps he plans to do a runner if he can get a loan in Thailand. certainly some info is being left out. he needs cash to "start a business" when he has a 5 year and running work permit? starting a business when he is in debt? Link to comment Share on other sites More sharing options...
babuhavas Posted February 6, 2010 Author Share Posted February 6, 2010 yes its confusing,but i seriously belive if i can get loan of 1 mill at even 25% also, i can clear all my debts within a year. Link to comment Share on other sites More sharing options...
lazygourmet Posted February 6, 2010 Share Posted February 6, 2010 (edited) That's a vicious and never ending spiral... just methinks. Edited February 6, 2010 by lazygourmet Link to comment Share on other sites More sharing options...
TheJoker12 Posted February 6, 2010 Share Posted February 6, 2010 yes its confusing,but i seriously belive if i can get loan of 1 mill at even 25% also, i can clear all my debts within a year. well what are the terms and amounts of your current debts and who are you in debt to? certainly, there is no debtor prison in the west. ?? Link to comment Share on other sites More sharing options...
jdinasia Posted February 6, 2010 Share Posted February 6, 2010 yes its confusing,but i seriously belive if i can get loan of 1 mill at even 25% also, i can clear all my debts within a year. But again .. who would loan 1 million to someone that is already in debt and has no collateral? If your friends and family won't then the answer is ..... "nobody will" Link to comment Share on other sites More sharing options...
jackr Posted February 6, 2010 Share Posted February 6, 2010 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 You could also advice him to go back home and robbed a bank or a couple/three and have a run. What ever are you on about? Link to comment Share on other sites More sharing options...
Hawk Posted February 6, 2010 Share Posted February 6, 2010 (edited) yes its confusing,but i seriously belive if i can get loan of 1 mill at even 25% also, i can clear all my debts within a year. Wake up, as you are not going to get a loan even at 100%. Who is going to possibly give you any money so you can do a runner? You smoke dope or something? Or do you think every is as stupid as you? Edited February 6, 2010 by Hawk Link to comment Share on other sites More sharing options...
Gary A Posted February 6, 2010 Share Posted February 6, 2010 A farang with no collateral wanting to borrow money? You could get 50 percent interest but if it isn't paid back for one reason or another it is still a loss. Sometime back a farang offered to double my money in one year if I loaned him money. I listened to his scheme and quickly decided that he would be broke as soon as the loan was spent. I never heard from him again so I have no idea what happened. Link to comment Share on other sites More sharing options...
slapout Posted February 6, 2010 Share Posted February 6, 2010 If the potential business venture comes out as several million in a bank in Africa that needs retrieving, it would make my weekend. Link to comment Share on other sites More sharing options...
TheJoker12 Posted February 8, 2010 Share Posted February 8, 2010 i am pretty sure OP is looking to do a runner. Link to comment Share on other sites More sharing options...
scorecard Posted February 8, 2010 Share Posted February 8, 2010 why won't you tell us what the money is for? its to get rid of some old debts and startup capital for new business. Not sure how much you know about the failure rate (globally) of small business but it's something like: - 80% on new small business fail within 3 months, and - Another 15% fail within 12 months of start up. These numbers are from global professional research. Why is the failure rate so big? Obviously the list of reasons for failure is as long as your arm and growing, but some of the common reasons for failure are: - Initial business idea / business model is totally flawed (e.g. Goal is to sell one million fridges to an eskimo village with a population of 100 and they have no steady income.) - Business is started up on borrowed money, and it's simply not possible (from the total cash generated and the final margins on the products / services sold) to service borrowed capital. And in your case the funds you want are also to pay off old debts. Definitely not a good way to start. So, are you really sure: - That the new business has a good chance of quickly finding a strong market? And quickly generating s strong and steady cash flow? - Have you walked yourself through a serious risk analysis of what could go wrong? - Should you in fact be allocating some (if not a lot) of the initial cash flow to further develop /start up the business, rather than paying off old debts? Have you made some realistic calculations of your start up costs and typical monthly operating costs? If your monthly operating costs forecast is 5,000Baht, don't fool yourself, the actual cash costs will very likely be double (101 business economics). You can guarantee that extra costs will pop up - total 100% guarantee! Sorry this sounds very negative but to be honest I'd rather push you towards a rethink, rather than getting yourself into a bigger hole. Good luck. Link to comment Share on other sites More sharing options...
mmushr00m Posted February 8, 2010 Share Posted February 8, 2010 yes its confusing,but i seriously belive if i can get loan of 1 mill at even 25% also, i can clear all my debts within a year. so you figure that you can pay all your debts (however much that may be) and pay back 1,250,000 within a year. Great ROI if its true. Link to comment Share on other sites More sharing options...
.png.3b3332cc2256ad0edbc2fe9404feeef0.png)
Recommended Posts