ALFREDO Posted June 3, 2013 Share Posted June 3, 2013 2% A day. 730% A year,That person is really low with that kind of interest.They should put A hurting on him for doing that.I could see charging A reasonable interest,but that amount is obserd. Here in the village the daily rate is between 20 and 50%!!! Sent from my GT-I9003 using Thaivisa Connect Thailand mobile app Really? Please ask again, count and calculate again, I never hear that. 20 % in 20 days, so 1% a day is the regular TAX I noticed in my Village. Link to comment Share on other sites More sharing options...
tropo Posted June 3, 2013 Share Posted June 3, 2013 and the innocent, hard working Thai people are suddenly no longer responsible for repaying the debt i assume. I don't even think a farang would be allowed to beg on the streets in LOS. Even the bottom rung of society has a hierarchy, and he would be intruding on the beggar gangs turf. This sounds like when robbers rob drug dealers--because they know it was illegal and they can't go to the cops. This is a case of the scammers getting scammed by the masters. I doubt very much he was lending out money to Thais - that would be insanity. No one could be that stupid. The initial report stating that would have to be total nonsense, as so many of these reports are. Here's an extract from the second report (on this thread - page 2): "They told police that the group offered Bt5,000-30,000 to a borrower and charged a daily interest of 2 per cent or 60 per cent a month, subject to interest payment every 10 days. The borrowers’ passports were taken as collateral when the loans were given. Those who failed to pay the loans were assaulted or confined. Some were taken to the Thai authorities to face charges of staying in Thailand without passports. Police seized a list of 285 money borrowers, all of whom were Russians." Obviously he was only loaning money to Russians who could offer their passports as security. 1 Link to comment Share on other sites More sharing options...
apetley Posted June 4, 2013 Share Posted June 4, 2013 2% A day. 730% A year,That person is really low with that kind of interest.They should put A hurting on him for doing that.I could see charging A reasonable interest,but that amount is obserd.Here in the village the daily rate is between 20 and 50%!!!Sent from my GT-I9003 using Thaivisa Connect Thailand mobile app Really? Please ask again, count and calculate again, I never hear that. 20 % in 20 days, so 1% a day is the regular TAX I noticed in my Village. Yes it's a crazy rate. Borrow 100 bht on Monday and pay back between 120 and 150bht on Tuesday. Sent from my GT-I9003 using Thaivisa Connect Thailand mobile app Link to comment Share on other sites More sharing options...
watcharacters Posted June 4, 2013 Share Posted June 4, 2013 Russian nabbed in connection with loan shark racket By English News PATTAYA, June 3 – A Russian national was arrested in this eastern resort town Saturday night on charges of predatory lending and illegally working in Thailand. Police said Ayrat Khabiryanov was a member of the Russian loan shark racket which has been involved in illegally offering loans at extremely high interest rates since last year. Deputy Interior Minister Chat Kuldilok said Thai police have been hunting for the group after more than 10 Russian money borrowers filed complaints with the authorities last month. They told police that the group offered Bt5,000-30,000 to a borrower and charged a daily interest of 2 per cent or 60 per cent a month, subject to interest payment every 10 days. The borrowers’ passports were taken as collateral when the loans were given. Those who failed to pay the loans were assaulted or confined. Some were taken to the Thai authorities to face charges of staying in Thailand without passports. Police seized a list of 285 money borrowers, all of whom were Russians. Mr Khabiryanov was responsible for receiving phone calls and keeping accounts of all loans dispersed, police said. (MCOT online news) -- TNA 2013-2013-06-03 Thai officials....NEVER miss a chance for a photo op! . 10 coppers' mugs to prove their worth? Link to comment Share on other sites More sharing options...
belg Posted June 4, 2013 Share Posted June 4, 2013 oh, what about all the thai loansharks, 1 down, 99.999 to go ... lending at 30% per month 1 Link to comment Share on other sites More sharing options...
KuhnPaen Posted June 4, 2013 Share Posted June 4, 2013 and the innocent, hard working Thai people are suddenly no longer responsible for repaying the debt i assume. I don't even think a farang would be allowed to beg on the streets in LOS. Even the bottom rung of society has a hierarchy, and he would be intruding on the beggar gangs turf. This sounds like when robbers rob drug dealers--because they know it was illegal and they can't go to the cops. This is a case of the scammers getting scammed by the masters. I doubt very much he was lending out money to Thais - that would be insanity. No one could be that stupid. The initial report stating that would have to be total nonsense, as so many of these reports are. Here's an extract from the second report (on this thread - page 2): "They told police that the group offered Bt5,000-30,000 to a borrower and charged a daily interest of 2 per cent or 60 per cent a month, subject to interest payment every 10 days. The borrowers’ passports were taken as collateral when the loans were given. Those who failed to pay the loans were assaulted or confined. Some were taken to the Thai authorities to face charges of staying in Thailand without passports. Police seized a list of 285 money borrowers, all of whom were Russians." Obviously he was only loaning money to Russians who could offer their passports as security. Ah, well that clears that up. Thank you. Link to comment Share on other sites More sharing options...
DRONGOH Posted June 4, 2013 Share Posted June 4, 2013 There's no place in this sea for white sharks. Some golf courses. Link to comment Share on other sites More sharing options...
DRONGOH Posted June 4, 2013 Share Posted June 4, 2013 cop-a-smile! Can you smell the tea? Link to comment Share on other sites More sharing options...
slipperx Posted June 4, 2013 Share Posted June 4, 2013 (edited) Yes the real question is why Thai loan sharks are not arrested. I have heard Thai's in court admit to lending at 3% & 4% a month on huge sums of money relating to property illegally obtained which they have 'sold' to them at about 20-30% of value and give a few months to repay (called Sale with Right of Redemption) - once the term runs out they keep the property and the interest, land transfer tax and agents fees they have charged up front. The fact that the legal rate is 15% per year and that Thais are not allowed to lend money on property under Thailand's banking laws - no one in the court turns an eyelid. Of course the real target is the asset which they can then take to the bank and 'negotiate' a deal with a corrupt bank manager using some hapless third party as a new 'buyer' who gets a small cut. The loan shark and bank manager share the new 'mortgage' and get off scott free. Bank Managers getting involved in the act and making loans on property illicitly obtained using some hapless ignorant village woman, making huge loans against the property where the 'owner' used has no collateral, income or pays any taxes - and the bank manager then pockets the money (at least the lions share). In both cases the real owner even if in the court process, is unprotected. Even where the court is in the process of granting a prohibition order against sale, which the Thai courts are for some reason are reluctant to grant and the fact that the facts of the case have to be heard first before such an order will be given - which takes months through adjournments while the defending lawyers play the adjournment game - so even where the process and hearing have begun, using the bank to get the max out of the property is the method used. Once the bank is involved the real 'owner' has a terrible uphill battle against a new defendant with unlimited funds to defend, the people involved with the illicit deal having got their share of the bank loan money run away and the real owner is screwed. The money lender or bank manager get away with the whole affair and no-one cares about arresting them or even investigation. It is reality and it's happening now - how many care? Edited June 4, 2013 by slipperx Link to comment Share on other sites More sharing options...
ALFREDO Posted June 4, 2013 Share Posted June 4, 2013 2% A day. 730% A year,That person is really low with that kind of interest.They should put A hurting on him for doing that.I could see charging A reasonable interest,but that amount is obserd.Here in the village the daily rate is between 20 and 50%!!!Sent from my GT-I9003 using Thaivisa Connect Thailand mobile app Really? Please ask again, count and calculate again, I never hear that. 20 % in 20 days, so 1% a day is the regular TAX I noticed in my Village. Yes it's a crazy rate. Borrow 100 bht on Monday and pay back between 120 and 150bht on Tuesday. Sent from my GT-I9003 using Thaivisa Connect Thailand mobile app Thank you for your respond. Amazingly CRAZY indeed ! Link to comment Share on other sites More sharing options...
Joe Mamma Posted June 4, 2013 Share Posted June 4, 2013 Tell the guy if he needs to borrow some baht for bail, I can get him a sweet deal. Yeah right. Link to comment Share on other sites More sharing options...
Wombat6 Posted June 4, 2013 Share Posted June 4, 2013 I bet the local loan sharks are abiding by the Thai law’s interest rate regulation... No !! it's just that they can run faster than the Russian Link to comment Share on other sites More sharing options...
tootall Posted June 6, 2013 Share Posted June 6, 2013 He reportedly lent out money to Thai people at extremely high interest rates. What is an illegal high interest rate in Thailand? I think I pay too much in interest to man I buy condo from, He charges me 10% annual. Is that too much? Link to comment Share on other sites More sharing options...
Morden Posted June 6, 2013 Share Posted June 6, 2013 He reportedly lent out money to Thai people at extremely high interest rates. What is an illegal high interest rate in Thailand? I think I pay too much in interest to man I buy condo from, He charges me 10% annual. Is that too much? My information is that the maximum legal rate is the equivalent of 2% simple interest per month. Many private lenders charge more than this for loans that the banks won't provide or where the borrower doesn't want to use bank facilities. At the far end of the spectrum are those who lend, usually, small amounts at high rates where there is no collateral offered. Your loan appears to be within the legal limit. Link to comment Share on other sites More sharing options...
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