grand palace thailand

Are payday loans illegal in Thailand?

thailand

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.

flag of germany

Where can you get money fast in Germany

germany

So, you are in Germany and spent a few too many bucks on beer and lederhosen? Are there any loans available in short run? Sure, payday loans are available in Germany too and it is easy to find providers online.

 

Among the providers, there are also several comparison sites, from where you can find the latest promotions. One of these is Deutcheskonto which is probably the most popular in Germany.

 

Like in other countries, the interest rates in payday loan are exceptionally high, so it is recommended to try applying normal loans first, and payday loans if there is no other way around.

disadvantages

Advantages and disadvantages of consumer credit

advantages and disadvantages

 

Sudden costs, sudden bills, we’ve all been there. How to manage unexpected costs without calling relatives and friends for help. Consumer credit is one of the options that many rely on. So, what is exactly is consumer credit? Basically, it is loan that doesn’t have so high requirements from the customer as normal loans from the major banks. Let’s take a look at the advantages and disadvantages more in detail.

 

Advantages

  • Easier to get than a normal loan from major banks, because the requirements aren’t so high.
  • You can get it faster than normal loan, you may receive even the same day you apply
  • Payback system is often more agile. You may be able to choose on online app or web service how much you pay any month (of course interest rate sets some limits)

 

Disadvantages

  • Interest rate is higher than in normal loan. Therefore, you should always apply first for normal loan.
  • Some companies may have difficult terms to understand and it might be difficult to negotiate with them if problems arise and you have difficulties to pay back
  • Consumer credits are often released by companies who don’t have bricks and mortal office, so you can only communicate by phone and email.

 

We hope this information helps you when you are considering between a normal loan and consumer credit. Don’t hesitate to contact us for more information and consumer credit comparisons. We can find you the best offers and promotions available at the moment.

Payday loans for unexpected costs?

unexpected costs

What to do when you get unexpected costs in your life? Your children needs to visit hospital, or your something breaks down in your house. We all get unexpected costs at some point in our lives.

Can payday loans be the answer for unexpected costs? Commonly they are referred to something that you should never even consider about. “The interest is so high” and  “you get in trouble if you have payday loans” are common things how we are scared by social media about the payday loans. Also the traditional media plays a big part to create a negative image of payday loans, and that image might not always be 100% rigth. Yes, they are right that some people got into trouble with payday loans, but it doesn’t matter payday loans don’t fit anyone.

If you don’t want to get payday loan, you can apply normal loan from the big banks like Bank of America or Citigroup. The interest rates are much lower in normal loans and thus you should always consider normal loans before heading to payday loans. However, normal loans have some requirements, that are much harder to meet than payday loans. The good thing about payday loans is that they are pretty easy to get, unless you have bad credit score from your past.