The land of smiles, Thailand, offers a lot of things to do for locals as well as tourists. But when you run out of money in Thailand, it is not easy or save to borrow money to get along.
So called payday loans are illegal in Thailand, but there is loan market underground. That underground market covers private persons who are available to borrow money for higher interest rate that is legal in Thailand. The yearly maximum interest rate for loan in 15%, but in the illegal market the interest rates can rise to hundreds of percent per year.
Thai government has tried stop the illegal market of loans, but it is hard task to do in a country of 60 m residents. The payday loans, or quick loan, as they are called in Thailand, are not available in internet, but it is not hard to find some who can borrow money by asking any local on street.
Peer2peer markets in Thailand will open late 2018 and government has already published “pico finance” for people who cannot qualify all the requirements of big major banks. We will keep eye on when quick money loans come legal by any means in Thailand.