Illegal Money Lender’S Assistant Arrested In East Pattaya

[Rimmer]

Illegal Money Lender’s assistant arrested in East Pattaya

PATTAYA:--Region 2 Police arrested one man in connection with an illegal money lending operation based in East Pattaya thought to involved over 100 clients.

The Police had received numerous complaints about the illegal money lenders and the illegal methods they would sometimes use to collect money from clients, which would often involve violence. Khun Saharat aged 20 was caught in Soi Kao Ta Low. He was carrying 17,540 Baht and was known to work for a Money Lending Agent based in the local area.

The company he worked for would offer money at high rates of interest mainly to market vendors who required funds to purchase stock to sell at markets on a daily basis, according to the arrestee.

Full story:http://www.pattayaone.net/pattaya-news/60196/illegal-money-lenders-assistant-arrested-east-pattaya/

-- Pattaya One 2012-08-07

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[Soutpeel]

Got to love the BiB...arrest the minion of the illegal money lender, but dont quite get round to arresting the illegal money lender...

[simple1]

Thai's actively seek loans from high interest loan providers as they don't have access to SME bank to fund liquidity. No one forces them to take out the loans. Thais know if they don't pay their loan interest on time they will be exposed to enforcement activity by the money lenders. probably why they got the BIB involved. Another money lender collector will quickly replace the guy who got arrested, same will apply if BIB arrested the person providing the capital.

A longer term solution would be to set up a micro bank scheme as they did in Bangladesh.

Edited August 8, 2012 by simple1