http://www.bangkokpost.com/news/general ... hark-raids

Six members of an alleged loan-sharking gang were were arrested in separate raids in Udon Thani on Wednesday.

A joint police-military squad captured Thawatchai Paengpeng and Wutthichai Daengna in tambon Ban Chan district following complaints that they were charging exorbitant interest rates and intimidating borrowers who failed to pay up daily, police said.

Officers took the two suspects to a rented room on Soi Nong Tu in Muang district, which allegedly served as the gang's office. Four more gang members were arrested there: Sanya Thongpa, Chatkaew Ormala, Padungsil Huaythaisong and Suthat Hommuangyoo.

Investigators seized loan contracts, 65,000 baht in cash, six mobile phones, 34 boxes of name cards, 29 ledgers, a car and four motorcycles.

Police said the suspects confessed they had worked for a loan shark in the Central Plains to providing illegal loans to customers, with a monthly interest rate of 20% for loans between 1,000 and 10,000 baht.

Police said each collector received a monthly salary of 7,000 baht. They were asked to collect at least 40,000 baht a day. Name cards were handed out to potential debtors in markets and villages. Those who wanted to borrow money had to give the gang copies of their ID cards and home registration and they had to sign a loan contract with one person acting as a loan guarantor. The suspects said they would ride motorcycles to collect debts plus interest from debtors. They were detained for further legal action.

GOOD!! But people will still go to these BASTARDS

BOT has an article about a Micro loan project. That being said unless Thai's understand it's not a gift , it simply wouldn't work. That is why the sharks are successful they make it real clear.

I guess the way they make it work is to borrow the money,then turn them in to the authorities,not having to pay the loan.

The criminals are the people who borrow money, understand the terms, find a guarantor, and then try to weasel out of their obligation. Interest rates have nothing to do with actions and consequences.

Some borrowers have no choice.

Turdyboy wrote:The criminals are the people who borrow money, understand the terms, find a guarantor, and then try to weasel out of their obligation. Interest rates have nothing to do with actions and consequences.

I know it is a very early call, but .................... is that you Tex?

jackspratt wrote:

Turdyboy wrote:The criminals are the people who borrow money, understand the terms, find a guarantor, and then try to weasel out of their obligation. Interest rates have nothing to do with actions and consequences.

I know it is a very early call, but .................... is that you Tex?

That might be an astute observation Jack.

nkstan wrote:I guess the way they make it work is to borrow the money,then turn them in to the authorities,not having to pay the loan.

SPOT ON!! Turn them in to the Authorities<>The Sharks would fear lending to anyone<>maybe go away<>problem solve(MAYBE) :-"

What is the difference?


http://paydayloans.money.co.uk/

Turdyboy wrote:The criminals are the people who borrow money, understand the terms, find a guarantor, and then try to weasel out of their obligation. Interest rates have nothing to do with actions and consequences.

I tend to agree with the negative ethics involved,but if the Gov't wanted to root out the loan-sharks,they could publicly sanction the borrowing and turning in of the loan sharks with protection and reward mandates which would probably shutdown the sharks business!
I also believe that most of the people that borrow from loansharks have been purposely ''educated'' for ignorance and accept the cultural status quo which does not prepare them for the unequal distribution of wealth and the encroachment made by the ''toy generation'',technology and ''social media influences'',but feeds into the ''I want-I need''thoughts and feelings of keeping up with ''the Jones''and making ''face''!

and "turning-in" depending upon the size and power of the lending gangs could be very dangerous.. Your average Thai tolerates a wide variety of crime from loan sharks to underground lottery, to even keeping their mouths shut about known drug dealers in their villages... Most people involved in these things are connected or perceived to be connected to "powerful people" thus are left alone to pursue their wicked ways..

Loan sharks have been about for eons, the basic problem is the borrowers inability to access loans normally, that could be because of education, lack of collateral, bottom of the pay chain ,etc. It is a sad fact that throughout the ages of man loan sharks have been in evidence from Roman times to present day, here it has a dangerous twist with people missing due to lack of repayments. The old Thai culture of a local big-wig to sooth things out has gone now with materialism and greed and wanting the latest to look good has taken over and the loan sharks multiply like cooch grass tentacles everywhere adding misery to the downtrodden and the poor.

Turdyboy is Tex? There seems to be a story here.

Where do pawn shops fit in here? Are they loan sharks?

GT93 wrote:Turdyboy is Tex?

Almost certainly.

There seems to be a story here.

Yep. Banned on 2 local forums, but now making a guest appearance on both of them.

I have mixed feelings about the loan sharks, ranging from a necessary evil (like mosquitoes), to scum of the earth (like...... well, loan sharks).

I have no idea to what degree they are regulated by the authorities - if at all. And if there is such regulation, to what degree it is enforced.

Pawn shops not the same as loan sharks. You provide collateral against the loan. They don't break your fingers if you cannot pay, just keep your stuff.....