http://m.phnompenhpost.com/business/mfi ... r-earnings
MFI's in the papers again today over how hard business is, now that they have had to cut rates from 36% to 18% pa.
As far as I am aware, most have just restructured to 1.5% interest, and 1.5% service charge per month, 36% per annum.
I don't wish to hang companies out, but has anyone else witnessed this?
Have they really dropped them?
I think you confuse compound interest with simple interest.DF wrote:http://m.phnompenhpost.com/business/mfi ... r-earnings
MFI's in the papers again today over how hard business is, now that they have had to cut rates from 36% to 18% pa.
As far as I am aware, most have just restructured to 1.5% interest, and 1.5% service charge per month, 36% per annum.
I don't wish to hang companies out, but has anyone else witnessed this?
18% per year is not the same as 1.5% per month, that would be 1.39% per month if paid once a month during one year.
I am not a banker nor am I confused. I am just trying to find out if anybody else has witnessed the MFI's pulling the trick that I have laid out.
Yes, MFI's have some new tricks now - I know from two people, one working with AMK and the other with ... Sambath (can't recall the full name).DF wrote:I am not a banker nor am I confused. I am just trying to find out if anybody else has witnessed the MFI's pulling the trick that I have laid out.
For less than 1000 USD short term loans they now charge 'service fees' or 'contract fees' to generate more revenue. Maybe the same for higher loans, but can not confirm that.
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- MerkinMaker
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This is good. It will teach the government that the state trying to step between supply and demand is a fools errand. This was one of the dumbest policies ever conceived by the RGC (and they have some serious form), but as it was clearly political move it will fizzle out and be forgotten about with time.
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