If Your Name Is Singh, Get Out Of Town

[Dave Hounddriver]

They have the same type thing in canada

 

In Canada, usury laws are enforced.  Even though the rates are high they cannot charge more than 60% per year. Here the sky is the limit and people will pay 10% per month and think they are doing great.

[Thomas]

 

Making the poor even poorer, EXPLOITED by the rich

 

Of course most of the poor have no collateral

 

It depended of only her INTEREST was 25 000p per month by there were no other loans available for her, so she had no chance...

 

In Phils the rich want to keep the poor DOWN

 

Welcome to Capitalism

or to put it crudely

Life is tough

Well. NOT necesarily so. That's Capitalism in a country where the government DON'T protect the weak against missusers of power.

According to a law forum, there IS a law in Phils saying MAX allowed interest in Phils is 2 % per month   (But they don't count interest corect, not adjusting when paying back part of the amount BEFORE the loan period ends, so roungly counted the REAL interest is 4 % per month.)   = 48 % . THAT (plus a fair handling fee) I find an ok level for loans without collateral, NOT the ten times more 480%.  

So IF the justice system would stop usury,

and the "Stop powerty" business financing government program would be WITHOUT collateral more than in the business it finance,

then the poor would have a FAIR chance...

And it would still be Capitalism    :)

[Thomas]

 

They have the same type thing in canada

 

In Canada, usury laws are enforced.  Even though the rates are high they cannot charge more than 60% per year. Here the sky is the limit and people will pay 10% per month and think they are doing great.

Yes.

 

(Because of the normal is they start paying back direct, so in average they borrow the amount only half the time, so the real interest is 20%  when it's called "10 %",  

but it's still much better than the common "20 %" which in reality is 40 % per month...

So not odd all (except one) farmers were clever enough to PAY the Swedes, who financed their rice farming for 15'-20 * % totaly for 4 months, so the farmers could get same deal next time too.

 

*I don't remember the share amounts they told me, but I remember it became somewhere around that profit return after 4 months.

[i am bob]

Geez! This is getting monotonous! Instead of just complaining, why not try to find a way to make things better? I'm not rich but I'm doing my best to help raise a couple families above poverty! If more people did something rather than complain, this whole problem would face away in time!

:D

[Jack Peterson]

If more people did something rather than complain, this whole problem would face away in time!

 

 

Whilst I tend to agree with you Bob, trying to help those in need but  the problem will never go away, the Philippines could not survive without Credit and the link goes to Prove a point here on Negros and Dumaguete in particular at this time.

 

http://www.visayandailystar.com/2015/May/13/negor4.htm

 

Credit is a way of life and succeeds if Worked properly, loan Sharking will never die but putting faith in the right place, people will not starve and maybe just maybe obtain a better life but as with all things though Credit, will cost. I don't think many are moaning in the main. Just about the constant reports of greed.

 

JP

[Old55]

Indian man shot dead by parking attendant in Philippines
By PTI |Posted 05-Jun-2015
Manila: An Indian national was shot dead allegedly by a parking attendant in Las Pinas City of the Philippines.
Patrolling police officers were alarmed by gunshots in Barangay Manuyo Dos at about 10:30 am yesterday and on reaching the spot, the Indian national, identified as Pavittar Lai, was found laying in a pool of blood with serious bullet injuries.

Lai, who was from Bernabe Subdivision of Sucat in Paranaque City, received gunshot wounds on the neck and died on reaching the hospital, the Philippine Star reported.

The accused, Tito Navigar, 43, tried to escape from the spot on seeing police officers, but he was cornered by policemen and watchmen.

Police seized a caliber .38 revolver from Navigar and recovered five spent shells and a deformed slug.  The investigators are yet to determine the motive behind the fatal shooting.

[Thomas]

Credit is a way of life and succeeds if Worked properly, loan Sharking will never die but putting faith in the right place, people will not starve and maybe just maybe obtain a better life but as with all things though Credit, will cost. I don't think many are moaning in the main. Just about the constant reports of greed.

Well.

/10-20 % per YEAR is GOOD

/40 % per MONTH is BAD  (=480 % per year) :bash:  because such interests make poor will have starving problem for ever... 

 

With low interests poor people have chance to get OUT of powerty by geting start capital for own business  :thumbsup:

while if trying that at 480% interest, they mostly end up in dept traps they never can get out of   :boohoo:

[Methersgate]

There is a quotation from Mozart (who was not good with money) which is very relevant:

"The difference between a little money and a lot od money is not much, but the difference between a little money and no money is HUGE!"

[canadamale]

 

They have the same type thing in canada

 

In Canada, usury laws are enforced.  Even though the rates are high they cannot charge more than 60% per year. Here the sky is the limit and people will pay 10% per month and think they are doing great.

 

[canadamale]

I was just at a money mart store in Edmonton and saw this posted on there wall "Maximuim charges permitted in Alberta for a payday loan $23.00 per $100 lent     For a $300 loan for 14 days: Total cost of borrowing = $69.00.     Annual Percentage Rate = 599.64%.   This information meets the requirement of the Payday Loans Regulation under the Fair Trading Act