Any Banks give Loans for Farang and Thai Wife...

[2fishin2]

What does being an American have to do with this Blackcab?

[Tiaki78]

OK thanks for the info I will check it out

I gues there are options do

[theguyfromanotherforum]

American guy, legit job, good salary, work permit over 4 years, legally married to Thai, looking to get ~2.5 M baht personal loan...

Been to 7-8 banks... both Thai and foreign... they won't give me a personal loan to me because i'm farang. (even though Thai banks have given me half that amount in credit cards already... accounts in good standing, BTW.) Most won't loan to Thai wife with me guaranteeing the loan either, and the couple that would would not do it without a house / condo for collateral. (We have rubber farm land that is worth more than the loan amount requested, but they wont accept that as collateral because they don't accept agricultural land. It must be residential / commercial.

The money is to start a business, but none of the banks will do an SME loan for a startup... only for a company already going for at least 1 year. Which is pretty typical everywhere, so personal loan is the only option.

In the US, in comparable circumstances, I would get this loan with nothing but a signature... It's just not that much money... I can't believe that there is no bank that can do this loan.

Anyone have experience??? Input??? Ideas???

You have a good job, but don't have 2.5 mil saved? I have a crappy job and bad salary and have a lot more than that saved.

Why would the bank give you a loan?

[blackcab]

What does being an American have to do with this Blackcab?

Being American raises the possibility of owning a Treaty of Amity company. This would mean the ability to have 100% ownership. Which would mean the borrower would have a solid basis on which to bind company assets (if any) as security for the loan.

It's a little trickier to bind the company when you only own 49% of it. You can do it with preference shares, etc but that requires the company to be set up correctly, as well as a bank that is willing to understand how the company is constituted.

[HOAX]

Loans from a bank is very hard to get for a foreigner unless you're already fairly successful. There may be some exceptions and unique individual cases but I have not heard of it. The only option for you to get a loan is through others.

- Loan in someone else name. Yes there are plenty of people who does this, but with extra interest. Use a close friend or some trustees of your wife's family. Never use someone who is not known to your family as you may put your wife, her family, your kids or yourself in danger.

- A family member of your wife may want to take a loan for you without any extra interest.

- Any Thai person (including your wife) can use property or land as guarantee for any Thai person (including your wife) to take a loan slightly under its estimated value. This is the most common method Thais use to obtain loans. Even more common than getting a loan in the bank themselves.

- Someone who pays for the business for you to start. You pay back monthly. A family member or close friend of your wife will often do this without any interest, while others may demand something. There are also investors in Thailand who pay out money, but they often ask for unreasonably much from you.

- Some countries do also have organisations located in Thailand with its sole purpose to help their nationals to start a company or "buys/sells your innovative ideas" in Thailand. These organisations often do not require anything other than a upfront payment. Some will require your main targeted market for your products or services to be your home country or region.

Edit: The last thing would be for you to take a loan in USA. With the high currency rate and as you say you have a good salary then it should not be to much of a problem for you to get this kind of a loan, or?

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Edited March 16, 2016 by HOAX

[uthaithanirules]

This is a serious problem for SME progression with foreign partner involved.

Here is a 'Hole in the market' for any foreigner or Thai with enough cash to stash,be it without sharking intentions i hope.

Lending settled foreigners with a start-up capital to expand or start their own business is 'not done; in this region of the world.

It is another example of "Amazing Thailand".

I'm looking at starting a business that will initially employ 5-6 Thais full time and will grow to 10-12 people over 12-18 months. Plus hiring the services of law firms, accountants, PR firms, and various other support businesses.

I intend to build and run this business myself, it is not some "keep the wife busy" with a noodle stand situation.

This is a small business, and it's not going to lift the Thai economy on it's own, but collectively, small business is what drives economic growth. Why don't they get that and create some policies that support and encourage legal businesses, run by people who are legally in the country, and legally married to Thai citizens?

It is frustrating, but, I didn't create this thread to debate Thai policy or Thai bash...

If anyone has any substantive suggestions or experience that might help me with the problem of the loan, I would be interested and appreciative.

Why?

LOL, becuase at any time you can just up and piss off back to your own country. I think the banks no what tbey are doing, know how often farangs skip town

If you need 2,5 million to "start uo a business" with no capital, instant red flag.....its going to grow as you say becuase you are so awesome at business?

[mcfish]

How did you get 1.25 million in credit cards? Must have been in your wife's name? But straight up the bank is viewing those cards negatively because you are probably struggling with capacity. You must be paying massive interest and I would look at paying them off asap before looking for more money

[Bobotie]

How did you get 1.25 million in credit cards? Must have been in your wife's name? But straight up the bank is viewing those cards negatively because you are probably struggling with capacity. You must be paying massive interest and I would look at paying them off asap before looking for more money

Why must the cc be in the wifes name ?, if one has a half decent job in Thailand an unsecured cc in your own name is not hard to get and why would the poster be paying any more in interest than the going rate ? Surely you not trying to suggest he has a higher rate because he is a farang ?...then you have contradicted yourself by saying the cards must be in the wifes name who presumably you meant was Thai

Edited March 17, 2016 by Bobotie