State pawnshop's lending rates to stay to ease parents' burden as schools reopen

[webfact]

State pawnshop's lending rates to stay to ease parents' burden as schools reopen



BANGKOK: -- The government has instructed state pawnshops to stabilise interest rates to help parents as most schools are to open next week.

Government spokesman Capt Yongyuth Maiyalarp stated that the government has foreseen that most families would be facing more expenses before the school term starts after the long school holidays and would tend to visit the pawnshops more to cash out more money.

The government then decided to give back “happiness” to the public by instructing all 34 state pawnshops nationwide, which are run by the Ministry of Social Development and Human Security, to retain the interest rates as before, and refrain from raising to relieve the burden of parents.

Under the government’s instruction, cash of less than 5,000 baht, the interest rate will remain at 0.5 percent a month, and 0.75 percent for cash of 5,000-10,000 baht.

For cash of 10,000-20,000 baht, the interest rate would be 1 percent a month, and for over 20,000 baht cash, the interest rate will stand at 1.25 percent a month,

The interests will be stabilised until the end of June.

Director-general of the Office of the Government Pawnshop Mr Mana Kliangthong said that he has reiterated to all pawnshops to increase their liquidity by around 500 million baht to cater to the higher demands during the new school semester.

Meanwhile the state-run Suksapanpanit textbook and stationary outlet has joined in the government’s scheme of “Giving Back Happiness to the People Ahead of the New School Term”, by organising special discounts and promotions on school uniforms for parents, selling school uniforms at all class levels and of all sizes at the price of only 30 baht.

The promotion has been well received by the parents, which packed its Lao Prao outlet since the morning to pick out new school uniforms for their children and shop for stationary which was marked down by 15 percent from the original prices.

Source: http://englishnews.thaipbs.or.th/state-pawnshops-lending-rates-to-stay-to-ease-parents-burden-as-schools-reopen


-- Thai PBS 2015-05-06

[trogers]

They exist due to emotional accidents...

[Suffinator]

Yeah I'm sure that accumulating more debt will easier their financial burdens ... Thai thinking.

Doesn't help that the school directors continuously ask for tea money whilst provide sub-standard (actually worse than that) education.

[emilymat]

I find it very depressing that it seems normal to go to the pawnshop to send your kid to school.

However, how on earth can you sell a school uniform for 30 baht?. If the OP is correct someone pays - surely.

[micmichd]

What if you have nothing to pawn anymore and still need money for school?

[Chao Lao Beach]

Awsome Gov planning eh.

[trogers]

What if you have nothing to pawn anymore and still need money for school?

Work, sell your body, etc...

[Sydebolle]

A poor certificate for the Ministry of Education indeed. Private schools are costing real money; international schools clock upto USD 20'000/year/child - on purpose to keep things under control.

The school uniform is another issue; spent some B 3'000 for the maid's son and you should see the cheap rubbish provided for by the tailor assigned by the school; the school must have a take of 80% on that crap.

But then again - changes will have to come from within. Considering all that ranigazoo with pawn shop, overpriced crap uniform - all this after the admission envelope has changed hands - and the result after 12 years of schooling which does not allow for failure.

The result is an absolutely ill-prepared labour force with mostly tainted social values of corruption et al - welcome to Thailand. Lots of work in the waiting here and so little time. The AEC2015 clock is ticking louder and louder and if all implemented as signed - we'll have helluva mess here in a year's time.

[chainarong]

Quite disgusting really in this day of Free education , but that would possibly shoot the high speed train network down and we can't have that, Thailand is truly showing its colours when families have to pawn stuff to educate their children, may as well face the fact that education isn't high on the agenda but military madness is.

[micmichd]

What if you have nothing to pawn anymore and still need money for school?

Work, sell your body, etc...

catch a Farang?

[trogers]

What if you have nothing to pawn anymore and still need money for school?

Work, sell your body, etc...

catch a Farang?

That's striking the lottery...

[trogers]

Quite disgusting really in this day of Free education , but that would possibly shoot the high speed train network down and we can't have that, Thailand is truly showing its colours when families have to pawn stuff to educate their children, may as well face the fact that education isn't high on the agenda but military madness is.

And you think this annual event only started last year?

In these 8 weeks of school break, how much was spent on betting the 2-digits by the same family?

[fred Kubasa]

Geez, 'State owned pawn shops ? I didn't know that. So they getcha coming and going !

[MZurf]

Geez, 'State owned pawn shops ? I didn't know that. So they getcha coming and going !

.....and in between

[Wilsonandson]

Living paycheck to paycheck, thank God I'm not the only one. Need some cash also, for my son's tuition fees, golds selling for about 20,000baht a baht. Still, let's try getting my mum to send me it, western union. As for saving, well I got prioritys, beer and cigs ain't cheep and that western food is a must. Plus the internet is costing me an arm and a leg. Oh and the missus is a whole different thing, she sends half the money home every month. Still, we're surviving.

[micmichd]

Can't be true.

European banks and German bueraunazis owe me more than 1.8 MB (my property)

Must pay 80,000 THB for school, but no credit from Farangs.

They want my gf for trafficking again instead.

No this time.

Even a Thai woman has the human right to determine whom she gives her body.

[maidee]

the pawn shop owners are getting rich while sleeping...

which i could lend some money with collateral for 1 or 1.25% PER MONTH

but farang giving a loan to a thai = seen as a gift

[micmichd]

Living paycheck to paycheck, thank God I'm not the only one. Need some cash also, for my son's tuition fees, golds selling for about 20,000baht a baht. Still, let's try getting my mum to send me it, western union. As for saving, well I got prioritys, beer and cigs ain't cheep and that western food is a must. Plus the internet is costing me an arm and a leg. Oh and the missus is a whole different thing, she sends half the money home every month. Still, we're surviving.

Lucky you, I've got no Farang family or friends anymore.

And we (my Thai family and me) are also still surviving. Still.

[micmichd]

the pawn shop owners are getting rich while sleeping...

which i could lend some money with collateral for 1 or 1.25% PER MONTH

but farang giving a loan to a thai = seen as a gift

Please stop bashing again.

I have given credit to Thais many times, and I always got it back from them.

Just Farangs have such a bad memory or have to think about something else when it comes to paying back...

[micmichd]

Same the other way around:

Only Thai people gave me credit when I had no money, no Farangs ever trusted me.

[BKKdreaming]

Where is the state run pawn shops in Bangkok area ?

and do they sell stuff that is not picked up ?

1% a month sounds good but the pawn shops all over the world protect themselves by giving your items a very low value , so if you never return they can sell them at a profit,

Free education is never "free" even in the west ,

[NongKhaiKid]

I went to my local Lotus and it was heaving around the many ' back to school ' displays and sales staff were all over that area.

I have no idea how competitive the prices were but there seemed to be good business being done. I would have thought things would be cheaper in markets etc. and of course depending on the school they have their own little monopolies going.

[NongKhaiKid]

the pawn shop owners are getting rich while sleeping...

which i could lend some money with collateral for 1 or 1.25% PER MONTH

but farang giving a loan to a thai = seen as a gift

Please stop bashing again.

I have given credit to Thais many times, and I always got it back from them.

Just Farangs have such a bad memory or have to think about something else when it comes to paying back...

It's not bashing again as it's fact for so many. You are the exception rather than the rule I would suggest and just because it hasn't happened to you doesn't mean it doesn't happen.

I've been caught out, luckily not for big amounts, and never did the question of re-payment arise with the people involved, in fact asking " when " was taken as some form of insult.

[Inn Between]

Have I misunderstood this situation?

These are government pawnshops, and they're charging their poorer citizens 6% to 16% per year (0.5 to 1.25 per month) annual interest on a loan that's guaranteed by collateral with whatever they've pawned, and this is supposed to be a good and "happy" thing? Like I said, I must be missing something because when people can only get 1% annual interest on their savings in a standard Thai bank (yes, I know it's better than what's happening in Europe or NA, but that's not the point) how the *&% does increasing their debt load with very high interest rates help? Further, it's recognized by the government that the loans are usually arranged to get enough money to send their children to school. Please tell me I've got this picture wrong. Otherwise, I'll lose a little more hope for this place.

[LuckyLew]

perhaps if the parents were not buying other crap they do not need then they would not need to go to pawnshops

not everyone needs an IPhone or a top end Samsung, but since somchai next door has one, they all have to follow suit