actiondell4 Posted June 25, 2010 Share Posted June 25, 2010 What Licenses are required to be a money lender ? Can a farang open a pawnbrokers business? Or can I be a Payday lender ,i read somewhere that 30% interest rates cannot be charged in Thailand. I do have a Thai friend who is talking to me about going 50/50 in this,however i would like more info on this if anyone knows. He (my thai tenant s father)currently lends money in Phuket to his "friends" without apparently any contract. Link to comment Share on other sites More sharing options...
raro Posted June 26, 2010 Share Posted June 26, 2010 pawn shops are not allowed for foreigners, money lending against interest is illegal also for Thais. Especially if it comes to 30% interest rates and no contracts... Link to comment Share on other sites More sharing options...
nakachalet Posted June 26, 2010 Share Posted June 26, 2010 going into pawn biz....? only if the partner is your lover or your wife.... even then.... you ought to ask yourself.... would you hand over a couple of mil to someone to run a biz like operation....? yes, it is a very lucrative biz.... it is also tremendously enriching for someone special.... do you personally know someone who is even more special--one who has the personal phone number of the governor.... the chief DA.... chief of police.... and a wealthy judge.... in your territory.... to call on 24/7.... you surely ought to coventure with this person if he/she has such influences.... you really would have nothing else to lose.... when something comes apart.... except maybe your own life.... and/or your family members'.... if you decide to make too much NOISES.... Link to comment Share on other sites More sharing options...
bob4you Posted June 27, 2010 Share Posted June 27, 2010 Remember is someone owes you B25,000 in Thailand it is cheaper for them to hire you killed for B20,000 than to pay you or go through the dunning discomforts. Link to comment Share on other sites More sharing options...
actiondell4 Posted June 27, 2010 Author Share Posted June 27, 2010 (edited) No,i dont know any VIP type people in Thailand,However the reason I asked if a farang could get a licence to run a pawnshop isthat currently i have several thai students boarding with me and one of them has parents who own a pawnshop over there in Thailand. He says it is difficult as you have to know the value of goods to resell,HOWEVER ,he told me that farangs can buy into a franchise but he wasnt sure of the name. Is it CASH CONVERTORS OR SIMILAR? Edited June 27, 2010 by actiondell4 Link to comment Share on other sites More sharing options...
monty Posted June 27, 2010 Share Posted June 27, 2010 No,i dont know any VIP type people in Thailand,However the reason I asked if a farang could get a licence to run a pawnshop isthat currently i have several thai students boarding with me and one of them has parents who own a pawnshop over there in Thailand. He says it is difficult as you have to know the value of goods to resell,HOWEVER ,he told me that farangs can buy into a franchise but he wasnt sure of the name. Is it CASH CONVERTORS OR SIMILAR? Cash converters is not a pawn shop but a second hand shop. Completely different. They just buy and sell stuff. Pawnshops borrow you money after you give them some valuable item as collateral. You can pay a small percentage every month and they will not sell your collateral for an agreed number of months. If after that time you cannot pay them back the principle (or you default on the monthly payments) then they will put up your collateral for sale. Link to comment Share on other sites More sharing options...
nakachalet Posted June 27, 2010 Share Posted June 27, 2010 in addition, owner of items pawned will not be notified verbally nor otherwise that the collateral is up for sale. most frequently, the owners or officers themselves will snatch up the pawned items before they are put up for sale to general public. there is no if or but about this kind of thing. we used to also snatch up several rolexes and such.... sometimes ago.... for the rolex with embedded rubies, the price we paid was only around 10k usd.... it was still housed in its original box.... well, we lived about 2 hrs from las vegas, then.... the watch was kept in the house for over a year after the expiration of the pawn.... the original owner was from shienghai.... he could have flicked one of his black amex card and redeemed the rubies studded watch but he believed that it was bad luck.... so instead he offered me to redeem the ticket but that i must take care of his chinese tycoon friends in return.... honestly, i personally do not think that you know enough about pawn biz to get involved.... at this time.... there are just too many ifs.... you really do not want your own life to be too complicated.... do you? any way.... cheers you have the absolute rights to do whatever you wish.... dell .... No,i dont know any VIP type people in Thailand,However the reason I asked if a farang could get a licence to run a pawnshop isthat currently i have several thai students boarding with me and one of them has parents who own a pawnshop over there in Thailand. He says it is difficult as you have to know the value of goods to resell,HOWEVER ,he told me that farangs can buy into a franchise but he wasnt sure of the name. Is it CASH CONVERTORS OR SIMILAR? Cash converters is not a pawn shop but a second hand shop. Completely different. They just buy and sell stuff. Pawnshops borrow you money after you give them some valuable item as collateral. You can pay a small percentage every month and they will not sell your collateral for an agreed number of months. If after that time you cannot pay them back the principle (or you default on the monthly payments) then they will put up your collateral for sale. Link to comment Share on other sites More sharing options...
nakachalet Posted June 27, 2010 Share Posted June 27, 2010 in addition, owner of items pawned will not be notified verbally nor otherwise that the collateral is up for sale. most frequently, the owners or officers themselves will snatch up the pawned items before they are put up for sale to general public. there is no if or but about this kind of thing. we used to also snatch up several rolexes and such.... sometimes ago.... for the rolex with embedded rubies, the price we paid was only around 10k usd.... it was still housed in its original box.... well, we lived about 2 hrs from las vegas, then.... the watch was kept in the house for over a year after the expiration of the pawn.... the original owner was from shienghai.... he could have flicked one of his black amex card and redeemed the rubies studded watch but he believed that it was bad luck.... so instead he offered me to redeem the ticket but that i must take care of his chinese tycoon friends in return.... honestly, i personally do not think that you know enough about pawn biz to get involved.... at this time.... there are just too many ifs.... you really do not want your own life to be too complicated.... do you? any way.... cheers you have the absolute rights to do whatever you wish.... dell .... No,i dont know any VIP type people in Thailand,However the reason I asked if a farang could get a licence to run a pawnshop isthat currently i have several thai students boarding with me and one of them has parents who own a pawnshop over there in Thailand. He says it is difficult as you have to know the value of goods to resell,HOWEVER ,he told me that farangs can buy into a franchise but he wasnt sure of the name. Is it CASH CONVERTORS OR SIMILAR? Cash converters is not a pawn shop but a second hand shop. Completely different. They just buy and sell stuff. Pawnshops borrow you money after you give them some valuable item as collateral. You can pay a small percentage every month and they will not sell your collateral for an agreed number of months. If after that time you cannot pay them back the principle (or you default on the monthly payments) then they will put up your collateral for sale. Link to comment Share on other sites More sharing options...
alexanderthai Posted June 28, 2010 Share Posted June 28, 2010 It's so called " Cash today ". HOwever, you have to study their policy so well cause the Thai laws will accept with only 15% interest rate. Link to comment Share on other sites More sharing options...
semoa Posted November 11, 2010 Share Posted November 11, 2010 Theory is 15% / 1 year. Reality is 2% / month. Link to comment Share on other sites More sharing options...
Nawtier Posted November 11, 2010 Share Posted November 11, 2010 then there is all the stolen goods.. Link to comment Share on other sites More sharing options...
Nawtier Posted November 11, 2010 Share Posted November 11, 2010 then there is all the stolen goods.. Link to comment Share on other sites More sharing options...
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