68yrs old spore uncle give illegal loans to Filipino maids

[Narong Wongwan]

sounds interesting. what are the criterias needed to setup a money lending business ?

20K as security deposit...........among other things.
Used to be 100K and must have ex-policeman as partner/shareholder.....now no need such this criteria already.

 

[GoldenDragon]

sounds interesting. what are the criterias needed to setup a money lending business ?

100k to start off as minimum capital. 20k bankers guarantee. Hard to find the old ah long sitting in kpts now. All of them upgraded. Sit in air con office even though these offices are only 200 sq ft.

 

[GoldenDragon]

20K as security deposit...........among other things.
Used to be 100K and must have ex-policeman as partner/shareholder.....now no need such this criteria already.

Never heard must have ex-police as partner etc.

 

[Narong Wongwan]

Never heard must have ex-police as partner etc.

Sorry not must have but since they review each application on case by case basis and require applicant to be 'person of good character standing'......having an ex-policeman is a shoo in (maybe got kelong factor also)
Heard that was how they do it back then and heard that was how many retired policemen who did not want to set up PI or security firms became money-lenders.

 

[LonewolfAlfa]

tks for the reply. 120k only! like that anyone can start up one.

the old man used 80k, shud have topped up another 40k and register.

 

[silverfox@]

This guy I think got prev conviction of maid molest.

Anyway those maids who default on payment might have given him their body as payment.

 

[johnny333]

100k to start off as minimum capital. 20k bankers guarantee. Hard to find the old ah long sitting in kpts now. All of them upgraded. Sit in air con office even though these offices are only 200 sq ft.

If I decide to go into the money lendering business can I set my own interest rates Can I charge 20% to 30% ?

 

[Cestbon]

If I decide to go into the money lendering business can I set my own interest rates Can I charge 20% to 30% ?

Those take loan 20%/month are desperate Do you think they will able to make repayment?
If they have choice like bank/Credit card will they take up loan from loan shark at 20%. Mostly those take Ah long loan are
1. No salary pay slip or not fix job>> will they really able to serve $10k loan or more.
2. Those whose credit card all are max out>> meaning when they cannot even make the CC repayment with must lower interest will they able to serve Ah Long loan .
Now Ah Long are smarter open up license finance and pawn shop. They become more entrepreneurship with black and white document sign. Those pawn shop are sprout like mushroom all over island is last 2 year. Only small timer Loan shark still operate in old style. Lending money still kena chase by police. Some even worst the borrower them self report to the police to catch the Ah Long.

 

[johnny333]

Those take loan 20%/month are desperate Do you think they will able to make repayment?
If they have choice like bank/Credit card will they take up loan from loan shark at 20%. Mostly those take Ah long loan are
1. No salary pay slip or not fix job>> will they really able to serve $10k loan or more.
2. Those whose credit card all are max out>> meaning when they cannot even make the CC repayment with must lower interest will they able to serve Ah Long loan ......

Currently those banks offering VISA, Master cards are making a killing with their high interest rates. I bet I can still make a decent return by charging a more reasonable rate, more than putting the money in the bank

 

[GoldenDragon]

If I decide to go into the money lendering business can I set my own interest rates Can I charge 20% to 30% ?

You can charge 100% monthly interest also no problem. It is now 'open' market rates. There are restrictions too - but not on the interest rate. For the low end smalltime loan for those whose income is below a certain amount, I think there is a cap on interest rate. Makes no diff. No moneylender would be keen.

 

[GoldenDragon]

Currently those banks offering VISA, Master cards are making a killing with their high interest rates. I bet I can still make a decent return by charging a more reasonable rate, more than putting the money in the bank

Yes, you are correct. Returns are far better than those from the banks. There are risks involved. If into this biz, give out small loans -1k-3k. Don't go for big loans. Not worthwhile. For the 1-3k loans, family members are still able to assist if loans are defaulted.

No one in this biz charge less than 10% monthly interest. If you get that, they will 'chop head' first. 15% monthly rate is the norm.

 

[GoldenDragon]

tks for the reply. 120k only! like that anyone can start up one.

the old man used 80k, shud have topped up another 40k and register.

120k needed to start this biz. 20k cannot be used. 100k can be withdrawn to loan debtors. If offences committed or breached, your 20k will be at risk.

 

[Cestbon]

120k needed to start this biz. 20k cannot be used. 100k can be withdrawn to loan debtors. If offences committed or breached, your 20k will be at risk.

$20k enough. $100k take out after register as a loan into black and white as a loan at less interest rate maybe 1%. If find customer willing to pay higher rate. Clear the 1% loan and lent it to higher rate customer.
You need to play with your mind how to roll the money. Not put inside gov coffer.

 

[LonewolfAlfa]

120k needed to start this biz. 20k cannot be used. 100k can be withdrawn to loan debtors. If offences committed or breached, your 20k will be at risk.

120k to startup a biz is really very little capital.

and this old guy lent out only 10k and made 12k profits in 6 months. not bad not bad.

 

[Equalisation]

120k to startup a biz is really very little capital.

and this old guy lent out only 10k and made 12k profits in 6 months. not bad not bad.

Eh Tuan .... don't so insulting leh .... 68 years you chakap old guy .... I 69 now still young at heart leh !!:o

 

[Forvendet]

Eh Tuan .... don't so insulting leh .... 68 years you chakap old guy .... I 69 now still young at heart leh !!:o

I think you're young at cock only. Take some more Viagra to keep it young. Viagra atau Chivas atau Heineken?

 

[Narong Wongwan]

You can charge 100% monthly interest also no problem. It is now 'open' market rates. There are restrictions too - but not on the interest rate. For the low end smalltime loan for those whose income is below a certain amount, I think there is a cap on interest rate. Makes no diff. No moneylender would be keen.

besides high interests, you can charge 'admin fees', late payment charges, cut head etc.......a typical legal loanshark set-up can break even within a few months. That's how profitable it is.....best of all its legal and exploiting the poor and those in need.

 

[po2wq]

... Viagra atau Chivas atau Heineken?

dia viagra dengan chivas dan heineken ...

 

[LonewolfAlfa]

Yes, you are correct. Returns are far better than those from the banks. There are risks involved. If into this biz, give out small loans -1k-3k. Don't go for big loans. Not worthwhile. For the 1-3k loans, family members are still able to assist if loans are defaulted.

No one in this biz charge less than 10% monthly interest. If you get that, they will 'chop head' first. 15% monthly rate is the norm.

yah small easy loans are the best.

like they say, i borrow 1k from you, i can't sleep. i borrow 100k from you, you can't sleep.

 

[LonewolfAlfa]

Eh Tuan .... don't so insulting leh .... 68 years you chakap old guy .... I 69 now still young at heart leh !!:o

so what shud i call him, that 'young chap' arh?

sorry to say, the truth hurts!