Loan shops?
Loan shops?
Everywhere I look lately from the town to villages I’ve noticed Orange signed shops which look like money lenders,at first glimpse I keep thinking its a Kerry express parcel shop.Loans shops springing up in the most poorest part of the country,what could possibly go wrong!
Re: Loan shops?
I Wonder what their INTEREST Rate is,Though ??Chuchi wrote: ↑August 30, 2019, 6:20 pmEverywhere I look lately from the town to villages I’ve noticed Orange signed shops which look like money lenders,at first glimpse I keep thinking its a Kerry express parcel shop.Loans shops springing up in the most poorest part of the country,what could possibly go wrong!
Re: Loan shops?
No idea, Some of these shops aren’t new ,there’s one In Nongsamrong I pass that’s been there for a while. In the last couple of months they’ve been springing up quicker than 7-11s , not sure if it’s a government initiative or somebody powerful enough not to care.I thought there was a purge on loan shops not too long ago? You’re right about the Interest maybe they’re staying within the law it’s just driving through some of the villages which have barely a high street I’m starting to encounter them.747man wrote: ↑August 31, 2019, 11:57 amI Wonder what their INTEREST Rate is,Though ??Chuchi wrote: ↑August 30, 2019, 6:20 pmEverywhere I look lately from the town to villages I’ve noticed Orange signed shops which look like money lenders,at first glimpse I keep thinking its a Kerry express parcel shop.Loans shops springing up in the most poorest part of the country,what could possibly go wrong!
Re: Loan shops?
Chuchi wrote: ↑August 30, 2019, 6:20 pmEverywhere I look lately from the town to villages I’ve noticed Orange signed shops which look like money lenders,at first glimpse I keep thinking its a Kerry express parcel shop.Loans shops springing up in the most poorest part of the country,what could possibly go wrong!
I'm guessing Kerry shops. There are loads of them now around town where you can pick up/send packages.
Post a photo if you want to know for sure.
Re: Loan shops?
They’re orange signs with black letters เงิน สด , I don’t think I have to translate that to you Parrot , next chance I get I’ll post a photoparrot wrote: ↑August 31, 2019, 4:28 pmChuchi wrote: ↑August 30, 2019, 6:20 pmEverywhere I look lately from the town to villages I’ve noticed Orange signed shops which look like money lenders,at first glimpse I keep thinking its a Kerry express parcel shop.Loans shops springing up in the most poorest part of the country,what could possibly go wrong!
I'm guessing Kerry shops. There are loads of them now around town where you can pick up/send packages.
Post a photo if you want to know for sure.
Re: Loan shops?
Money lending shops are a dime a dozen......many more than 7-11's. It's been that way for many many years. My small village has 2....that advertise.....probably a few more that don't.
Re: Loan shops?
All part of the rural SEA charm. Desperate farmers borrow money at extortionate rates, then get kneecapped or disappeared owing to late payments. It's an oriental mystique phenomenon indecipherable to the western layperson.
Ashli Babbitt -- SAY HER NAME!
Re: Loan shops?
Being knee capped or disappeared doesn't get the loan paid off. More likely it's an exchange for land at a very favorable rate that gets the loan paid.
Gold shops are another loan business. They take in gold from those fortunate to have some and give cash in return. The legal interest rate is 2% per month. If payments on the loan go unpaid for 3 months the gold may be sold by the shop. Paying the interest only once every 3 months keeps the loan active.
The rate on these loans are regulated by the government and are comparable to, or better than the rates, credit card users with poor credit get in the US.
Gold shops are another loan business. They take in gold from those fortunate to have some and give cash in return. The legal interest rate is 2% per month. If payments on the loan go unpaid for 3 months the gold may be sold by the shop. Paying the interest only once every 3 months keeps the loan active.
The rate on these loans are regulated by the government and are comparable to, or better than the rates, credit card users with poor credit get in the US.
Re: Loan shops?
Seems amazing that all the years in thailand and none of you know anything ?Loans do not have interest . does not matter how much you borrow you will pay 100 baht a day for the loan until the loan is paid off . That 100 baht does not come off the loan it is just payment for the loan . If today you pay 200 baht 100 baht will come off the loan . The more you borrow the longer it will take to pay back .
How come none of you know this ?
How come none of you know this ?
Re: Loan shops?
parrot wrote: ↑August 31, 2019, 4:28 pmChuchi wrote: ↑August 30, 2019, 6:20 pmEverywhere I look lately from the town to villages I’ve noticed Orange signed shops which look like money lenders,at first glimpse I keep thinking its a Kerry express parcel shop.Loans shops springing up in the most poorest part of the country,what could possibly go wrong!
I'm guessing Kerry shops. There are loads of them now around town where you can pick up/send packages.
Post a photo if you want to know for sure.
Re: Loan shops?
The photo is a Srisawat Loan Shop. There are 3 in town. Basically a pawn shop for anything of major value....vehicles, land, etc. There are lots more just like them around town. I would guess that the large (very) lot of used vehicles immediately next to Ngeesoon on the ringroad is a parking spot for vehicles that get possessed by these companies. But there's a world of difference between these businesses and the village loan shark.
About 5 years ago three of our neighbors bought second hand trucks and got loans through businesses similar to Srisawat. My wife and I were certain that the neighbors wouldn't be able to make payments (about 6k a month). But after all these years, the neighbors still own the vehicles.
I don't see much difference between these type loans here and in the US. Mooooons ago, my younger brother, fresh out of university, bought a drum set....stainless......$6000. He took a loan but was only concerned with payments. I looked at his paperwork. 22%. I could have gotten a loan for the same amount from my credit union for about 11% at the time.
Thanks for posting the photo.
About 5 years ago three of our neighbors bought second hand trucks and got loans through businesses similar to Srisawat. My wife and I were certain that the neighbors wouldn't be able to make payments (about 6k a month). But after all these years, the neighbors still own the vehicles.
I don't see much difference between these type loans here and in the US. Mooooons ago, my younger brother, fresh out of university, bought a drum set....stainless......$6000. He took a loan but was only concerned with payments. I looked at his paperwork. 22%. I could have gotten a loan for the same amount from my credit union for about 11% at the time.
Thanks for posting the photo.
-
- udonmap.com
- Posts: 3516
- Joined: February 28, 2008, 5:31 pm
- Location: On lookout duty ,spotting for snipers .
Re: Loan shops?
Maybe none of us have the need , or have a bit more savvy than to use a loan shark.dragonz wrote: ↑September 1, 2019, 5:37 pmSeems amazing that all the years in thailand and none of you know anything ?Loans do not have interest . does not matter how much you borrow you will pay 100 baht a day for the loan until the loan is paid off . That 100 baht does not come off the loan it is just payment for the loan . If today you pay 200 baht 100 baht will come off the loan . The more you borrow the longer it will take to pay back .
How come none of you know this ?
Re: Loan shops?
All true.
And in the case of some us, people come to our doorstep to borrow.
AMERICA: One of the Greatest Stories Ever Told.
Re: Loan shops?
Cheers for the feedback,the photo was taken in a small village called Nong Ya Sai today. Not far from Si That. Khumphawapi and Si That also had shops and there was a few signs nailed to trees along the route, business must be good as it looks like they’re expandingparrot wrote: ↑September 2, 2019, 1:59 pmThe photo is a Srisawat Loan Shop. There are 3 in town. Basically a pawn shop for anything of major value....vehicles, land, etc. There are lots more just like them around town. I would guess that the large (very) lot of used vehicles immediately next to Ngeesoon on the ringroad is a parking spot for vehicles that get possessed by these companies. But there's a world of difference between these businesses and the village loan shark.
About 5 years ago three of our neighbors bought second hand trucks and got loans through businesses similar to Srisawat. My wife and I were certain that the neighbors wouldn't be able to make payments (about 6k a month). But after all these years, the neighbors still own the vehicles.
I don't see much difference between these type loans here and in the US. Mooooons ago, my younger brother, fresh out of university, bought a drum set....stainless......$6000. He took a loan but was only concerned with payments. I looked at his paperwork. 22%. I could have gotten a loan for the same amount from my credit union for about 11% at the time.
Thanks for posting the photo.
Re: Loan shops?
There are lots of loan sharks in my area and all of them for the 11 years i have lived in thailand do not charge interest but charge you a daily rate until you pay the loan off . yes i do know more than most of you as i live in thailand not faranglandsaint wrote: ↑September 2, 2019, 2:01 pmMaybe none of us have the need , or have a bit more savvy than to use a loan shark.dragonz wrote: ↑September 1, 2019, 5:37 pmSeems amazing that all the years in thailand and none of you know anything ?Loans do not have interest . does not matter how much you borrow you will pay 100 baht a day for the loan until the loan is paid off . That 100 baht does not come off the loan it is just payment for the loan . If today you pay 200 baht 100 baht will come off the loan . The more you borrow the longer it will take to pay back.
How come none of you know this ?
Re: Loan shops?
dragonz wrote: ↑September 12, 2019, 3:31 pmThere are lots of loan sharks in my area and all of them for the 11 years i have lived in thailand do not charge interest but charge you a daily rate until you pay the loan off . yes i do know more than most of you as i live in thailand not faranglandsaint wrote: ↑September 2, 2019, 2:01 pmMaybe none of us have the need , or have a bit more savvy than to use a loan shark.dragonz wrote: ↑September 1, 2019, 5:37 pmSeems amazing that all the years in thailand and none of you know anything ?Loans do not have interest . does not matter how much you borrow you will pay 100 baht a day for the loan until the loan is paid off . That 100 baht does not come off the loan it is just payment for the loan . If today you pay 200 baht 100 baht will come off the loan . The more you borrow the longer it will take to pay back.
How come none of you know this ?
Re: Loan shops?
Only 11 years? I been here 24! I dont know a thing about loan shops. few s/h shops,thats it!
Guess i've had a sheltered life here
Guess i've had a sheltered life here