Dirk_brijs Posted April 12, 2015 Share Posted April 12, 2015 have been looking into add some extra cash flow into my company with a smaller loan of about 500K Banks in Thailand seem out of the picture as they all want to see or a proof of steady income from the director or from the company itself now as we are a new company this can not be shown so anyway... Have been doing some research online and found some companies online who offer loans secured by property. As I do own a house I could loan the money from them with my house as collateral. Have been asking and they could offer loans for 5 years at a 15% annual interest payable every 3rd month. Now was wondering what the dangers (if any) would be of going in with companies like that? Are they trust worthy and what issues could they actually cause besides the expected ones if I don't pay back regular right..... Link to comment Share on other sites More sharing options...
Dirk_brijs Posted April 12, 2015 Author Share Posted April 12, 2015 anyone ever heard of this company? "arrange loans" they seem a Russian company based in Pattaya Link to comment Share on other sites More sharing options...
lopburi3 Posted April 12, 2015 Share Posted April 12, 2015 Are they trust worthy and what issues could they actually cause besides the expected ones if I don't pay back regular right.. From your second post perhaps an early demise might be one possible issue? 2 Link to comment Share on other sites More sharing options...
Pib Posted April 12, 2015 Share Posted April 12, 2015 anyone ever heard of this company? "arrange loans" they seem a Russian company based in Pattaya Sounds like a loan "broker"...hooks up someone who wants to borrow money with someone who is willing to loan it....the broker takes his loan commission upfront and then backs out of the picture after all the loan paperwork is signed. Very common in the real estate business. Then the person who borrowed the money would be dealing solely with whoever loaned him the money. Maybe a reputable financial company, maybe Somchai the Loan Shark, maybe Vladimir the Loan Shark, etc. Link to comment Share on other sites More sharing options...
Dirk_brijs Posted April 12, 2015 Author Share Posted April 12, 2015 anyone ever heard of this company? "arrange loans" they seem a Russian company based in Pattaya Sounds like a loan "broker"...hooks up someone who wants to borrow money with someone who is willing to loan it....the broker takes his loan commission upfront and then backs out of the picture after all the loan paperwork is signed. Very common in the real estate business. Then the person who borrowed the money would be dealing solely with whoever loaned him the money. Maybe a reputable financial company, maybe Somchai the Loan Shark, maybe Vladimir the Loan Shark, etc. Pib yeah most likely a set up like that. But then again what would be difference in loaning money from a bank or from a loan shark as long as you make your set pay dates as per requirements? (besides the higher interest rates obviously) Is there any more risk involved loaning money from one of those companies than from banks? Link to comment Share on other sites More sharing options...
Satcommlee Posted April 12, 2015 Share Posted April 12, 2015 anyone ever heard of this company? "arrange loans" they seem a Russian company based in Pattaya Sounds like a loan shark to me! Link to comment Share on other sites More sharing options...
Pib Posted April 12, 2015 Share Posted April 12, 2015 anyone ever heard of this company? "arrange loans" they seem a Russian company based in Pattaya Sounds like a loan "broker"...hooks up someone who wants to borrow money with someone who is willing to loan it....the broker takes his loan commission upfront and then backs out of the picture after all the loan paperwork is signed. Very common in the real estate business. Then the person who borrowed the money would be dealing solely with whoever loaned him the money. Maybe a reputable financial company, maybe Somchai the Loan Shark, maybe Vladimir the Loan Shark, etc. Pib yeah most likely a set up like that. But then again what would be difference in loaning money from a bank or from a loan shark as long as you make your set pay dates as per requirements? (besides the higher interest rates obviously) Is there any more risk involved loaning money from one of those companies than from banks? Guess it would all boil down to the loan contract you signed (or didn't sign), whether the loan company is regulated or not, whether they follow all loan laws, how customer oriented/understanding they are in trying to collect overdue payments, etc. Seems about all we hear/read about is whether a loan come from a bank or a loan shark....we know banks follow the law....we know loan sharks skirt the law....but we don't hear about those financial companies operating somewhere between a bank and a loan shark. Link to comment Share on other sites More sharing options...
Robert24 Posted April 13, 2015 Share Posted April 13, 2015 Just an idea: instead of borrowing money from an unknown source at 15% p.a., have you considered alternative ways to raise cash for your business? I.e. An investor who can take a stake in your company through the investment or get a mortgage on a different property with very low interest rates, ie Singapore or Europe etc. Link to comment Share on other sites More sharing options...
ezzra Posted April 13, 2015 Share Posted April 13, 2015 anyone ever heard of this company? "arrange loans" they seem a Russian company based in Pattaya Those kind of ' loan arrangement companies ' will also arrange for your bones to be broken if you default or be late on repayments... stay far away as you can from these vultures.. Best to advertise for an investor/partner rather than borrow money, unless it's from a reputable landing institutions... Link to comment Share on other sites More sharing options...
xen Posted April 13, 2015 Share Posted April 13, 2015 I sometimes get offers from companies like this in my spam folder along with the lottery winnings and nice invitations from willing Russian lasses. Send me your details and i will pass the offers onto you. Link to comment Share on other sites More sharing options...
MJKT2014 Posted April 13, 2015 Share Posted April 13, 2015 Is there any more risk involved loaning money from one of those companies than from banks? Assuming you weren't born yesterday, the question has already been answered in #3. Link to comment Share on other sites More sharing options...
dotpoom Posted April 13, 2015 Share Posted April 13, 2015 (edited) When you want money from a bank or whatever for a period of time.....you borrow it from them. If you want to give money to a person for a period of time ....you lend it to them. What's with this "lending" it from a online company? Only heard Thai people say that who didn't understand English very well. Edited April 13, 2015 by dotpoom Link to comment Share on other sites More sharing options...
maidee Posted April 13, 2015 Share Posted April 13, 2015 russian company in pattaya loaning some money are you sure it is not 15% per week or per month ? Link to comment Share on other sites More sharing options...
gk10002000 Posted April 13, 2015 Share Posted April 13, 2015 500k baht is about 15,000 USD. That is not outside the reach of one or two credit cards that let you take cash advances. Link to comment Share on other sites More sharing options...
worgeordie Posted April 13, 2015 Share Posted April 13, 2015 Dirk,I had exactly the same company as you have,in the UK,started from the back bedroom,built it up with very hard work,from retail,then wholesale,and then Import/export,until I sold the company which then had a turnover of 5M sterling,with very good profits. Never had a loan of anybody,as no one would lend,at the beginning, and as time went on I did expand the company every year,through putting all the profits back in,so start small,walk before trying to run, build the business yourself,you will get much more satisfaction and pride in doing so.borrowing money off Russians in Pattaya,the alarm bells are ringing! don't do it.good luck regards Worgeordie Link to comment Share on other sites More sharing options...
CWMcMurray Posted April 13, 2015 Share Posted April 13, 2015 If talking 15%... Can't you just take cash advance on credit card? Link to comment Share on other sites More sharing options...
DrTuner Posted April 13, 2015 Share Posted April 13, 2015 How much are your kneecaps worth? Link to comment Share on other sites More sharing options...
akentryan Posted April 13, 2015 Share Posted April 13, 2015 A big concern is what is the interest rate for late payments or while in default. Maybe 15% a day? Once the value of your house is exceeded by principal and interest the physical threats begin. They are deadly serious too. Link to comment Share on other sites More sharing options...
Rumblecat Posted April 13, 2015 Share Posted April 13, 2015 When you want money from a bank or whatever for a period of time.....you borrow it from them. If you want to give money to a person for a period of time ....you lend it to them. What's with this "lending" it from a online company? Only heard Thai people say that who didn't understand English very well. The online company is lending the money to the customer. But nobody's said "lending it" except you. Link to comment Share on other sites More sharing options...
F4UCorsair Posted April 13, 2015 Share Posted April 13, 2015 15% !!!! Are you nuts? Link to comment Share on other sites More sharing options...
Monkeyrobot Posted April 13, 2015 Share Posted April 13, 2015 Two words > Danger Danger Link to comment Share on other sites More sharing options...
micmichd Posted April 13, 2015 Share Posted April 13, 2015 Sounds like scam. Were you already asked for a small advantage fee? Link to comment Share on other sites More sharing options...
how241 Posted April 13, 2015 Share Posted April 13, 2015 anyone ever heard of this company? "arrange loans" they seem a Russian company based in Pattaya Sounds like a loan shark to me! +1...Sounds dangerous to your health if you don't pay. Link to comment Share on other sites More sharing options...
lopburi3 Posted April 13, 2015 Share Posted April 13, 2015 Google provides visuals. Link to comment Share on other sites More sharing options...
inkorat Posted April 13, 2015 Share Posted April 13, 2015 PM me, I may be able to help you out or invest if it is a real opportinity. Always Looking. 1 Link to comment Share on other sites More sharing options...
kbelyeu Posted April 13, 2015 Share Posted April 13, 2015 If you own your own home why not borrow against the home from a local bank? Kurt 1 Link to comment Share on other sites More sharing options...
Travelman868 Posted April 13, 2015 Share Posted April 13, 2015 anyone ever heard of this company? "arrange loans" they seem a Russian company based in Pattaya Sounds like a loan "broker"...hooks up someone who wants to borrow money with someone who is willing to loan it....the broker takes his loan commission upfront and then backs out of the picture after all the loan paperwork is signed. Very common in the real estate business. Then the person who borrowed the money would be dealing solely with whoever loaned him the money. Maybe a reputable financial company, maybe Somchai the Loan Shark, maybe Vladimir the Loan Shark, etc. 15% seems low interest for loan shark unless it is 15% per month. I presume the loan is for 500,000 baht so around £11000. If you are Farang who owns the land and the house? What is the business and who are the Thai's involved in that? How much money are the Thai's going to borrow for your joint business ?? If nothing then I think you have answers to questions. It's all very well Farangs going into business with Thai people however when the house goes up for security and you do not own the land thats when problems start. If you cannot afford to lose £11000 then don't borrow the money or you WILL lose the house. Link to comment Share on other sites More sharing options...
Dirk_brijs Posted April 13, 2015 Author Share Posted April 13, 2015 If you own your own home why not borrow against the home from a local bank? Kurt Local banks in Thailand do not borrow money against houses rather only borrow money against a proof of income how big or how little it is. We have gone to every bank known and all want to see some sort of pay slip and are not interested in the value of the house at all. Link to comment Share on other sites More sharing options...
Dirk_brijs Posted April 13, 2015 Author Share Posted April 13, 2015 Just an idea: instead of borrowing money from an unknown source at 15% p.a., have you considered alternative ways to raise cash for your business? I.e. An investor who can take a stake in your company through the investment or get a mortgage on a different property with very low interest rates, ie Singapore or Europe e Have looked for investors yes but couldn't find anyone. Also am also only looking for a short term solution and not really looking in hanging to a partner for the rest of eternity so any investor would be a short term investment and maybe that's why not a lot of them are interested? If anyone knows someone who is interested in a short term investment opportunity one can always send me details and we can talk for sure. Link to comment Share on other sites More sharing options...
khunPer Posted April 13, 2015 Share Posted April 13, 2015 15% pa is the maximum legal interest for ”private loans” in Thailand – they cannot charge more interest if they want property (land deed) as security and use the court system. There might be other fees, not interest, OP should also check. OP asks: »Now was wondering what the dangers (if any) would be of going in with companies like that?« Personally I would be very skeptical with any loan not given by a bank/mortgage institution or a reputable credit company... Link to comment Share on other sites More sharing options...
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