News Forum - Police swoop on 2 loan shark gangs in 4 provinces of Thailand

[Thaiger]

Officers from the Economic Crime Suppression Division (ECD) swooped on two loan shark gangs operating in four provinces in Thailand and arrested four crooks. Money worth over 1 billion baht was in circulation as the racketeers collected interest from debtors at an extortionate rate of 547.5% per year. The ECD targeted two illegal money-lending gangs: …

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Loan sharks lend money and charge exorbitant rates... RTP just take  money at exorbitant rates... same same... yet no arrests

[Pinga]

Loan sharks are the worst of the worst - preying on people who are desperate to begin with. The victims are at fault too for taking loans with insane interest rates - but that's why it's illegal to charge those rates to begin with.

Things like 10% a month are (illegal but) common, but 40-50% a month is just insane. These guys need to rot in a hole somewhere.

 

[Marc26]

58 minutes ago, Pinga said:

Loan sharks are the worst of the worst - preying on people who are desperate to begin with. The victims are at fault too for taking loans with insane interest rates - but that's why it's illegal to charge those rates to begin with.

Things like 10% a month are (illegal but) common, but 40-50% a month is just insane. These guys need to rot in a hole somewhere.

Even 10% a month is a bit predatory 

 

It adds up

 

My wife loaned out close to a million through her brother who is a MB taxi driver 

 

Only one person paid back the principal loan

All the rest kept paying the internet monthly for almost 2 years 

And she raised it to 15% after 1 years of not paying back the loan

 

No one missed a payment 

 

But in the end I told her she had made end and to forgive the initial loan

[ChrisS]

2 down, several thousand more to go. I hope this is the start of a sustained assault on this criminal activity and not just a headline grabbing distraction to make people believe the police are REALLY dealing with this issue.

[Pinga]

17 hours ago, Marc26 said:

Even 10% a month is a bit predatory 

Not to mention illegal. If I'm not mistaken the cap on *yearly* interest is 15%, and 20% on defaulted loans. But yes you're right - most will never pay back the original loan and will continue to pay back the interest every month for years - seen that happen with some girls I've dated - not big sums but still annoying. In some of the cases I ended up just paying it for them and telling them I'll leave them if they ever take another loan. Of course I'm sure they went straight back to it after we broke up, but hey - you can take the girl out of the bar, but you can't take the bar out of the girl.