insite Posted August 19, 2013 Posted August 19, 2013 Are you or do you know any expats who are or have been involved in the money lending business ? If so I would love to hear of your experiences good - bad and or horrific. Any other comments or advise from all would be most welcome. 1 Link to comment Share on other sites More sharing options...
Dave Hounddriver Posted August 19, 2013 Posted August 19, 2013 Did you read through the thread on lending money in the Philippines starting with This Post? 2 Link to comment Share on other sites More sharing options...
Forum Support Old55 Posted August 19, 2013 Forum Support Posted August 19, 2013 (edited) Loaning, lending or sharking in Philippines is one enterprise known to not end well. Honestly, you could provide a trusted Filipino Family member or friend to run the business and maybe short term do well. Over time the chances are extremely high it will get ugly. Edited August 19, 2013 by Old55 5 Link to comment Share on other sites More sharing options...
Popular Post Medic Mike Posted August 19, 2013 Popular Post Posted August 19, 2013 Loaning, lending or sharking in Philippines is one enterprise known to not end well. Honestly, you could provide a trusted Filipino Family member or friend to run the business and maybe short term do well. Over time the chances are extremely high it will get ugly. I used a tip that I found on the forum ages ago, lend some money to a family member (you can pretty much write off that money will never be seen again) , and don't lend anymore money till they paid it off. IE i recently loaned the GF's brother some money so he could buy a used laptop from a friend. He has been working for a while now, so there is no reason he should have not paid it back already. Got asked by GF's mom if I could lend her sister some money to repair her roof from the recent storms they had. I said sureeeee....lol....as soon as your son repays his loan, I will fix up your sister's roof. Well, well, well....lol....the son repaid the money the next day, and now I have made the next loan to the moms sister. :thumbsup: 6 Link to comment Share on other sites More sharing options...
MikeB Posted August 19, 2013 Posted August 19, 2013 The expression is "Forewarned is Forearmed". 3 Link to comment Share on other sites More sharing options...
Thomas Posted August 19, 2013 Posted August 19, 2013 Btw - I made some updates in the old topic about this subject. The expression is "Forewarned is Forearmed". Oh! I thought it was "Forewarned is Foreleged" :) Or translated from a Swedish expression: "Better run away than fight bad" 2 Link to comment Share on other sites More sharing options...
insite Posted August 19, 2013 Author Posted August 19, 2013 Ha Ha - you are right - I am dyslexic and ambidextrous - does this hlep ? All your responses are welcomed and appreciated - thank you. What is under consideration is not low end money sharking but rather higher end loans against fixed assets. Perhaps the same advise applies the only difference being the scale of the rip off ! 1 Link to comment Share on other sites More sharing options...
Markham Posted August 22, 2013 Posted August 22, 2013 (edited) I suggest you check that you can legally operate such an enterprise. What you intend to do is pawnbroking which ISTR is on the "Negative List". Edited August 22, 2013 by Markham 1 Link to comment Share on other sites More sharing options...
Mike from BDA Posted August 23, 2013 Posted August 23, 2013 Are you or do you know any expats who are or have been involved in the money lending business ? If so I would love to hear of your experiences good - bad and or horrific. Any other comments or advise from all would be most welcome. I am involved in money lending. It has been working well for me. Very well actually!! I think the key is to find the right people to do business with. I currently have three people in different locations where i am a silent partner in each case. For my investments each pay me 5%....so it really works out to be a win-win situation for me and my partners. I started slowly at first until i had built up some confidence and then gradually increased the amounts. Now i am getting all my monthly income from money lending...and can even save a little. I do acknowledge the risks involved....but if you do go for it be sure to spread out your loans in the case of some defaulting. After all..even the largest banks will have some defaults occasionally! Peace! 3 Link to comment Share on other sites More sharing options...
Thomas Posted August 23, 2013 Posted August 23, 2013 After all..even the largest banks will have some defaults occasionally! Yes, but it isn't so common banks get killed or put in jail because of they have loan business :lol: For my investments each pay me 5%. Per year as it's common to count in "kano countries"? :mocking:That's 60 % per year (even almost the double of that, if geting pay back each month as in common 5-6) so i suppouse your partners do the loans with highest interest... 1 Link to comment Share on other sites More sharing options...
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