Greed and Power
Anyway, SCC, as long as some rich fuckers get a bit of a kicking, who cares if a few million poor people are cut off from the credit lines they need to survive, right?
Power to the people.
Power to the people.
After my wife moved to the US and got some steady paychecks coming in I noticed a few large transactions on her account. She had set her mother up as a loan shark, so far they've used the profit to expand the uncle's chicken farm among other things.logos wrote:If you're married to a Khmer lady and have some capital , even as little as 5-10k, it's an excellent time to start a small scale micro credit operation in the boonies. Lend 100, charge 10%/month, keep the moto or the land title as security. I once dated a girl in her 20s who was making top coin doing just that and was branching into buying plots of land to divide and sell to home buyers. She had a yakuza jap guy providing a few million buy a partnership into her operation.
Government is so dumb they don't realize that 18%/year is unprofitable with small loans a they require constant follow up and loads of personnel. That move is just as stupid as recent restrictions on soft titled properties in the hope of channeling barang money into new condos. They just killed a good market and promising renovation industry.
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I think in a lot of cases (apart from medical emergencies) the poor would be better off not having access to loans at 30-40% interest charge. Paying those rates is guaranteed to keep them poor.RobW wrote:Anyway, SCC, as long as some rich fuckers get a bit of a kicking, who cares if a few million poor people are cut off from the credit lines they need to survive, right?
Power to the people.
- ផោមក្លិនស្អុយ
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Yeah, the 200+% PA, informal, completely unregulated local lenders are clearly a much better option.offroadscholar wrote:I think in a lot of cases (apart from medical emergencies) the poor would be better off not having access to loans at 30-40% interest charge. Paying those rates is guaranteed to keep them poor.RobW wrote:Anyway, SCC, as long as some rich fuckers get a bit of a kicking, who cares if a few million poor people are cut off from the credit lines they need to survive, right?
Power to the people.
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Make them illegal too.ផោមក្លិនស្អុយ wrote:Yeah, the 200+% PA, informal, completely unregulated local lenders are clearly a much better option.offroadscholar wrote:I think in a lot of cases (apart from medical emergencies) the poor would be better off not having access to loans at 30-40% interest charge. Paying those rates is guaranteed to keep them poor.RobW wrote:Anyway, SCC, as long as some rich fuckers get a bit of a kicking, who cares if a few million poor people are cut off from the credit lines they need to survive, right?
Power to the people.
Er, I don't think you can make them more illegal.offroadscholar wrote:Make them illegal too.ផោមក្លិនស្អុយ wrote:Yeah, the 200+% PA, informal, completely unregulated local lenders are clearly a much better option.offroadscholar wrote:I think in a lot of cases (apart from medical emergencies) the poor would be better off not having access to loans at 30-40% interest charge. Paying those rates is guaranteed to keep them poor.RobW wrote:Anyway, SCC, as long as some rich fuckers get a bit of a kicking, who cares if a few million poor people are cut off from the credit lines they need to survive, right?
Power to the people.
Is it supply and demand or the other way around I wonder?
pew, pew, pew, pew!
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Approximately on topic, I hear ANZ is currently plotting to kill its' retail banking arm in Cambodia.ផោមក្លិនស្អុយ wrote:Because they are high risk and need very different management.vladimir wrote:I don't understand why the big banks don't do small loans: some will do mortgages for house, or for a new car...but there's a huge market for small loans, and if there is security, as there always is, why not?
Or are existing MFI's simply agents/proxies of big banks?
It's the same in other countries.
Some banks are corporate lending only, some do secured lending, some do unsecured some do credit cards. Only the big, big banks do all - and they haven't done so well in recent years.
Haha - my money’s on Playboy
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There you goYaTingPom wrote:Er, I don't think you can make them more illegal.offroadscholar wrote:Make them illegal too.ផោមក្លិនស្អុយ wrote:Yeah, the 200+% PA, informal, completely unregulated local lenders are clearly a much better option.offroadscholar wrote:I think in a lot of cases (apart from medical emergencies) the poor would be better off not having access to loans at 30-40% interest charge. Paying those rates is guaranteed to keep them poor.RobW wrote:Anyway, SCC, as long as some rich fuckers get a bit of a kicking, who cares if a few million poor people are cut off from the credit lines they need to survive, right?
Power to the people.
Now they're just moving down the scale in whats legal, ie 18% max.
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Heard the exact same thing this morning.Petrol Head wrote:Approximately on topic, I hear ANZ is currently plotting to kill its' retail banking arm in Cambodia.ផោមក្លិនស្អុយ wrote:Because they are high risk and need very different management.vladimir wrote:I don't understand why the big banks don't do small loans: some will do mortgages for house, or for a new car...but there's a huge market for small loans, and if there is security, as there always is, why not?
Or are existing MFI's simply agents/proxies of big banks?
It's the same in other countries.
Some banks are corporate lending only, some do secured lending, some do unsecured some do credit cards. Only the big, big banks do all - and they haven't done so well in recent years.
Illegal is one thing and unenforceable is another.AFAIK, loans >18% are unenforceable but no crime is committed by making the loan.offroadscholar wrote:There you goYaTingPom wrote:Er, I don't think you can make them more illegal.offroadscholar wrote:Make them illegal too.ផោមក្លិនស្អុយ wrote:Yeah, the 200+% PA, informal, completely unregulated local lenders are clearly a much better option.offroadscholar wrote:I think in a lot of cases (apart from medical emergencies) the poor would be better off not having access to loans at 30-40% interest charge. Paying those rates is guaranteed to keep them poor.RobW wrote:Anyway, SCC, as long as some rich fuckers get a bit of a kicking, who cares if a few million poor people are cut off from the credit lines they need to survive, right?
Power to the people.
Now they're just moving down the scale in whats legal, ie 18% max.
You seem to be misunderstanding my point entirely. Are you doing it on purpose? You should reread my post from this morning.RobW wrote:Anyway, SCC, as long as some rich fuckers get a bit of a kicking, who cares if a few million poor people are cut off from the credit lines they need to survive, right?
Power to the people.
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It's called the division of labour. Adam Smith wrote about it 250 years ago and used a pin factory as a case study. One person making a pin all by himself will make fewer pins than 6 people splitting the work into 6 separate processes as a production line. Hair dressers are better off buying the pins rather than making their own because they can use the time saved to make money dressing hair.vladimir wrote:I don't understand why the big banks don't do small loans: some will do mortgages for house, or for a new car...but there's a huge market for small loans, and if there is security, as there always is, why not?
Or are existing MFI's simply agents/proxies of big banks?
Moving from 20% to 18% should be pretty straightforward. The Post has undermined its argument with this quote.PPP wrote:“This regulation was not expected to happen,” he [Prasac's manager] said. “It is difficult to understand why this regulation is needed when free-market competition has already decreased the average lending rates from 50 percent five years ago to around 20 percent today.”
Quotes from people borrowing money are conspicuously absent from this piece. I guess those with direct experience of trying to pay off a loan with interest are not 'experts' in the eyes of The Post.
Compound interest shouldn't be used to cover admin costs. A flat fee would be fairer and easier for borrowers to understand.
C'mere c'meye
People seem to forget that Mr. Yunus, Nobel Prize winner and founding father of the micro-finance industry, was later convicted in Bangladesh of massive embezzlement. The credit industry seems to attract those kind of people.
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I'm curious:
When apartment rents go up dramatically, it's called 'supply and demand', and the mantra is repeated ad nauseum whenever it is questioned.
Now that a few MFI's are facing closure simply because they will not be able to make the cut, am I allowed to quote the mantra?
Can I quote the Darwinian 'survival of the fattest'?
ANZ is killing its retail arm? I will miss them. They've always treated there customers so well, and been a strongly philanthropic organisation.
When apartment rents go up dramatically, it's called 'supply and demand', and the mantra is repeated ad nauseum whenever it is questioned.
Now that a few MFI's are facing closure simply because they will not be able to make the cut, am I allowed to quote the mantra?
Can I quote the Darwinian 'survival of the fattest'?
ANZ is killing its retail arm? I will miss them. They've always treated there customers so well, and been a strongly philanthropic organisation.
ירי ילדים והפצצת אזרחים דורש אומץ, כמו גם הטרדה מינית של עובדי ההוראה.
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