Thailand, the country, where many of us head up during our holidays to enjoy sun and the beaches. The growing market in Asia is no secret anymore. Economy in Thailand is boosting, whatsoever 10% of the gross domestic product comes from tourism. Even the rising markets, there is still need for many people to get financial help fast, when some unexpected costs arise.


So called payday loans are illegal in Thailand. Or, as a matter of fact, payday loans aren’t illegal, but the interest rates that the payday loan companies have, are illegal. However, there is system, that the locals call “out of system” loans or “loan sharks”. It basically means, that there is quick money available, but the interest rates are illegally high. These out of system loans are advertised old fashion way; in gas station toilet walls etc. Legal offline or online advertising for such loans are prohibited. The lenders of quick money เงินด่วน are private persons or small companies and there is providers throughout Thailand.


Many Thai people still rely on these “out of system” loans. Government has however published “Pico Finance” to gain the market of illegal loans. Pico loans are easier to get than normal loans from big major banks in Thailand, but unfortunately the requirements of Pico loans are often too high for normal Thai people. That means ownership of a house, regular high salary paid to bank account, etc.


Thai people use quick money to pay other loans, to buy motorbike, furniture, visit to hospital, for awful loads of reasons. And there seems to be no end to this. It will be interesting to see if the market remains divided to legal and “out of system” loans. The reason why quick money is often referred bad in Thailand, is that it can dirty the way they are received back from the people who have borrowed the money. There are public videos in Youtube showing what can happen, if you don’t pay back your loan in the scheduled time. It means violence. However, it is often negotiable to pay later, but then the interest rates get even higher.