Guarantee personal loan for Thai partner ? Your advice...

[mikey88]

My Thai partner needs a small personal loan, about 70,000.

I would prefer that they borrow the money from a bank and meet the responsibility of paying that money back.

I'm not keen just to give the money...and would prefer, even with the interest payments, that they have the experience of borrowing responsibly and meeting the required payments.

I'm ok with guaranteeing the loan and I wonder if anyone has done this before and what their experience is.

I hold a reasonable amount of money in the bank I'm thinking of...would this make the loan approval easy?

Any sensible advice appreciated.

[Oscar2]

"partner" and "they"? real strange way of referring to a person; especially "they". why not just say wife, girlfriend, or she????

[masuk]

or just possibly, partner, boyfriend or he!!!

[cyberfarang]

If a person is a partner, suggesting in a close romantic relationship, then doesn`t that mean everything is shared between you? So how can this be a loan? And what does the OP mean by they?

[brommers]

My advice would be that both of you go to your bank and discuss the matter with the branch manager or the staff member who is responsible for granting loans. It is much better for both of you that the assistance that you are prepared to provide to your partner is dealt with in a business manner rather than as a personal loan. Each Bank has its own attitudes and policies, for example I have found that SCB is much more flexible and creative than my own bank Bangkok Bank.

[fiddlehead]

I would get any agreement in writing IF you decide to lend him (or her) any money. (and a witness to sign also)

[TheSiemReaper]

"They" is a gender neutral pronoun now - at least according to such esteemed organs as The Washington Post or New York Times. There's nothing wrong with its use in this context and it does not automatically mean that the OP's partner is same sex or transgender. Even if it did, why would it be necessary to attack them for the use of a pronoun in a question about banking?

To answer the actual question meaningfully - it is next to impossible to guarantee a bank loan as a foreigner. In part because of the kind of arrangement that the OP suggests; you'd have a million foreigners countersigning loans for their tilac in Thailand and then running off home and withdrawing their funds on the way out the door. I tend to agree with some of the other posters that you might be better off giving this as a gift if they really are your partner. It's not exactly a huge sum of money is it?

[Aussie69]

My god, not even one reply in and the thread turns into a grammer class. 7hrs pass before someone adrresses the question. Sheesh

[WinnieTheKhwai]

To answer the actual question meaningfully - it is next to impossible to guarantee a bank loan as a foreigner.

Right, except that it isn't. I've guaranteed mortgages, etc.

70K is a bit of an odd amount to go to a bank for though. What is it for actually? If for something like buying a motorcycle then just get that financed.

I do get what the OP is trying to do though, instilling some common-sense responsibility with financial matters, over some vague commitment to pay money back some day, somehow.

[TheSiemReaper]

To answer the actual question meaningfully - it is next to impossible to guarantee a bank loan as a foreigner.

Right, except that it isn't. I've guaranteed mortgages, etc.

70K is a bit of an odd amount to go to a bank for though. What is it for actually? If for something like buying a motorcycle then just get that financed.

I do get what the OP is trying to do though, instilling some common-sense responsibility with financial matters, over some vague commitment to pay money back some day, somehow.

Mortgages are somewhat different - in that the main form of security for the loan is the property itself. A loan for less than $2,000, on the other hand, is unlikely to be secured on anything of genuine worth.

[TheSiemReaper]

On a side note - I instill financial responsibility in my partners by making them save the money they want to spend. It's something I learned the hard way... credit is almost always a bad idea.

[Oscar2]

"They" is a gender neutral pronoun now - at least according to such esteemed organs as The Washington Post or New York Times. There's nothing wrong with its use in this context and it does not automatically mean that the OP's partner is same sex or transgender. Even if it did, why would it be necessary to attack them for the use of a pronoun in a question about banking?

To answer the actual question meaningfully - it is next to impossible to guarantee a bank loan as a foreigner. In part because of the kind of arrangement that the OP suggests; you'd have a million foreigners countersigning loans for their tilac in Thailand and then running off home and withdrawing their funds on the way out the door. I tend to agree with some of the other posters that you might be better off giving this as a gift if they really are your partner. It's not exactly a huge sum of money is it?

"they" refers to more than one.

[TheSiemReaper]

"They" is a gender neutral pronoun now - at least according to such esteemed organs as The Washington Post or New York Times. There's nothing wrong with its use in this context and it does not automatically mean that the OP's partner is same sex or transgender. Even if it did, why would it be necessary to attack them for the use of a pronoun in a question about banking?

To answer the actual question meaningfully - it is next to impossible to guarantee a bank loan as a foreigner. In part because of the kind of arrangement that the OP suggests; you'd have a million foreigners countersigning loans for their tilac in Thailand and then running off home and withdrawing their funds on the way out the door. I tend to agree with some of the other posters that you might be better off giving this as a gift if they really are your partner. It's not exactly a huge sum of money is it?

"they" refers to more than one.

Wall Street Journal, among many others, says otherwise - http://www.wsj.com/articles/can-they-be-accepted-as-a-singular-pronoun-1428686651

Get with the times.

[KhonKaenKowboy]

I seriously doubt that a farang can lawfully loan money to a Thai, thus any written agreement would be invalid. Run your "partners" credit report through the Thai Credit Bureau..you can do this online with Krungsri....just like any Thai Bank would do....a lot of these folks are seriously tapped out.

[CMKiwi]

My Thai partner needs a small personal loan, about 70,000.

I would prefer that they borrow the money from a bank and meet the responsibility of paying that money back.

I'm not keen just to give the money...and would prefer, even with the interest payments, that they have the experience of borrowing responsibly and meeting the required payments.

I'm ok with guaranteeing the loan and I wonder if anyone has done this before and what their experience is.

I hold a reasonable amount of money in the bank I'm thinking of...would this make the loan approval easy?

Any sensible advice appreciated.

I like your idea in trying to instill both an appreciation of money and financial discipline with your partner. Just remember that if you are to be guarentor(?) for a loan via a bank, if your partner defaults for whatever reason then you can become liable for any outstanding amount.

If your partner understands this, it may change their perception of their responsibility to furnish the loan. That is they wont care/worry about it as much.....Im not saying that your partner would do this, but I have seen it occur in the past. It is a very tricky situation and I have seen friendships dissolve due one not holding up their side of the bargain.

An old piece of advice I was given ages ago was "Never loan money to relatives", if you can afford to 'gift' it to them then okay. That way if you ever recieve the money back its a "Bonus" and friendships arent lost.

Just my opinion.....

[Oscar2]

I seriously doubt that a farang can lawfully loan money to a Thai, thus any written agreement would be invalid. Run your "partners" credit report through the Thai Credit Bureau..you can do this online with Krungsri....just like any Thai Bank would do....a lot of these folks are seriously tapped out.

many are insolvent.

[KhonKaenKowboy]

and I don't know how long you've been on this beat, Mikey, but "borrowing" money of such amounts is very typical of Thais around here. Usually the purpose is to buy a business, and the naive farang falls for it hook/line/sinker...massage shop, restaurant, laundrymat...my former GF tried 2 of the three on me. It was like yeah, you can give a good massage and do make some decent money at it (in high season), but you are quite a bit worse than a sailor when it comes to finance. Oh, and how much of the 70,000 can they match or have saved. These are the tough questions that must be asked. I live up by CMU, and you can learn tons about small businesses....how they fail, and how not to run them...because there is an endless stream of naive people opening in them up, and you can pretty easily tell tha their chance of surviving is quite a bit less than the chances of getting hit by a car crossing Suthep Rd..

[CharlieH]

I Dont get it, give them the money or go guarantor, either way you end up paying, if they default. Either you trust them /him/she or you dont. If you dont trust them/he/she why are you even there.

[KhonKaenKowboy]

Quite a big difference in trusting them with 40 THB to hop on their motorbike and get you some Tom Yum, and giving them 70,000 THB...everyone has their limits, some will actually admit it. 70K...about 6 months pay for a Thai,,,How many of them have 70K saved in the bank? I wold say less than 3% of adults, nationwide.

[CharlieH]

Some "Grammar Police" posts have been removed, as will any other attempts to derail this or any other topic.

[Oscar2]

Quite a big difference in trusting them with 40 THB to hop on their motorbike and get you some Tom Yum, and giving them 70,000 THB...everyone has their limits, some will actually admit it. 70K...about 6 months pay for a Thai,,,How many of them have 70K saved in the bank? I wold say less than 3% of adults, nationwide.

clearly you don't know any Thai people.

[MaeJoMTB]

Quite a big difference in trusting them with 40 THB to hop on their motorbike and get you some Tom Yum, and giving them 70,000 THB...everyone has their limits, some will actually admit it. 70K...about 6 months pay for a Thai,,,How many of them have 70K saved in the bank? I wold say less than 3% of adults, nationwide.

clearly you don't know any Thai people.

50% of the American population couldn't pay a $400 bill, according to a recent survey.

It doesn't seem an exclusively Thai problem (not having any savings or much income).

Happy to give almost anyone 40bht, no need to pay it back.

Wouldn't lend my wife 70k, I lent her 7k once, she only paid 1k back then forgot all about it.

Best not to lend money to anyone.

[Dante99]

You guarantee their bank loan or you loan it to them yourself, either way you best figure it is 70k gone forever in this lifetime.

If you can not live with that comfortably, do not do it.

[masuk]

My god, not even one reply in and the thread turns into a grammer class. 7hrs pass before someone adrresses the question. Sheesh

...but you already failed the spelling test!

[tomwct]

As long as you can afford to lose the money! Most Thai's borrow and never pay back.

[Mark123456]

"I'm not keen just to give the money...and would prefer, even with the interest payments, that they have the experience of borrowing responsibly and meeting the required payments."

You sound like you're discussing lending your daughter money, not your wife.

[northernjohn]

"They" is a gender neutral pronoun now - at least according to such esteemed organs as The Washington Post or New York Times. There's nothing wrong with its use in this context and it does not automatically mean that the OP's partner is same sex or transgender. Even if it did, why would it be necessary to attack them for the use of a pronoun in a question about banking?

To answer the actual question meaningfully - it is next to impossible to guarantee a bank loan as a foreigner. In part because of the kind of arrangement that the OP suggests; you'd have a million foreigners countersigning loans for their tilac in Thailand and then running off home and withdrawing their funds on the way out the door. I tend to agree with some of the other posters that you might be better off giving this as a gift if they really are your partner. It's not exactly a huge sum of money is it?

You are correct about the word they. That being said I find it to be a method of being impersonal and would not necessarily look on them as a close unity.

Your reasons for them not accepting the OP as a backer are indicative that they are not a close relationship. I do agree if they are that close give her the money it will tend to bring them closer together. I speak from personal experience.

[true blue]

"They" is a gender neutral pronoun now - at least according to such esteemed organs as The Washington Post or New York Times. There's nothing wrong with its use in this context and it does not automatically mean that the OP's partner is same sex or transgender. Even if it did, why would it be necessary to attack them for the use of a pronoun in a question about banking?

To answer the actual question meaningfully - it is next to impossible to guarantee a bank loan as a foreigner. In part because of the kind of arrangement that the OP suggests; you'd have a million foreigners countersigning loans for their tilac in Thailand and then running off home and withdrawing their funds on the way out the door. I tend to agree with some of the other posters that you might be better off giving this as a gift if they really are your partner. It's not exactly a huge sum of money is it?

You are correct about the word they. That being said I find it to be a method of being impersonal and would not necessarily look on them as a close unity.

Your reasons for them not accepting the OP as a backer are indicative that they are not a close relationship. I do agree if they are that close give her the money it will tend to bring them closer together. I speak from personal experience.

a fool and his money are soon parted,your not lending your giving.

[Mark123456]

On a side note - I instill financial responsibility in my partners by making them save the money they want to spend. It's something I learned the hard way... credit is almost always a bad idea.

I just stick to dating intelligent adults, much simpler.

[bamukloy]

Maybe use of the word "they" hints that family is involved?

I've seen it all before. The one person in the family that actually has a job, (usually always a daughter) is the one that gets hounded to get a loan to finance the other useless human sponges..since no bank will touch the others.

What can you do with 70k anyways?

It sounds like the classic pocketmoney scam to me.

Pick a relatively small amount that they think the farang will hand over without to much fuss..then he also wont fuss to much when it never gets paid.