• Exorbitant interest rates can reach hundreds of baht per day.
• Fixed interest rate, no principal and interest reduction.
• An unfair contract or being coerced into borrowing more than is needed.
• At risk of being aggressively debt collected, threatened, insulted, having property damaged, and physically assaulted.
• I could face pressure from friends or family to repay debts, or suffer public embarrassment.
• May have their house and land seized.
Tricks of loan shark syndicates
• Simple loan without credit bureau check.
• Claims to get money quickly and easy installments.
• Tell the daily or monthly interest rate so that the number looks smaller.
How to protect oneself from informal debt
• Budget carefully and avoid overspending.
• If you need to borrow money, do so from a reputable financial institution.
• Thoroughly read and understand the terms of any loan agreement before signing.
• By law, the interest rate on a loan cannot exceed 15% per year or 1.25% per month.
Being a victim of informal debt, where can I file a complaint?
• Royal thai police contracts: 1599
• Justice center contracts: 1567
• Royal thai police hotline for complaints on unfair loan contracts: 1155
• Ministry of finance hotline for informal finance contracts: 1359
• Ministry of justice hotline for debt relief and unfair treatment of contracts: 02-575-3344
Tel: 062-652-4259 (Attorney Dr. Ning)
LINE ID : hks572
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With over 12 years of legal experience, we are the trusted experts you can rely on for all your legal needs. Our expertise spans across various legal fields, including civil and commercial law encompassing contracts, litigation, and legal proceedings; labor law to help your business avoid disputes; as well as family law, inheritance law, consumer protection law, intellectual property law, criminal law, and other legal matters. We also provide comprehensive legal consultation and registration services.