A Thai woman has borrowed 1.000.000 Baht from a loanshark / money loan shark. She will lose the land in a year, because the land papers have been issued. And no more income or she has to pay back 1.500.000 Baht.
Thais have less debt with money loan sharks
The debts that Thais have with money loan sharks have decreased by 20 billion baht in a year. The Fiscal Policy Office reached that conclusion based on the number of applications for a government aid program.
Reader question: Lending money to a Thai, did I fall for it?
Did I fall for it? A good acquaintance of mine has borrowed money in the black circuit. She paid 400.000 baht every day for a loan of 12.800 Thai baht. I saw the lender come by every day and asked her the question, why? I got the answer mentioned above. You're crazy was my response. That is an interest rate on an annual basis above 1000%. Then help me, was the answer.
Prayut tackles loansharks but also offers a way out
Prime Minister Prayut wants to crack down on loan sharks (money lenders), but if they adhere to the rules of pico financing and formally close themselves off, they will not be prosecuted. The old loans may remain outstanding, but the interest must be adjusted.
Reader question: What can I do against a loan shark
My Thai ex-girlfriend took my land title deeds to a loan-shark to borrow money. She has borrowed 4 million Baht at an extortionate rate of 4% per month! My ex girlfriend thought she could pay the interest of 160.00 Baht per month on time, but she obviously didn't succeed! The loan-shark Lim then has the right to sell my land and house. I am in this situation now.
Yesterday morning, fifty men from the DSI, police, army and officials raided three homes belonging to Wichai Panngam, the leader of a network of moneylenders known as the Helmet Gang.
In the hunt for loan sharks, raids have recently been made in 26 places across the country. The police say they have broken up the largest network known as the Helmet Gang. It has existed since 2011 and has 86 departments with 2.000 employees.