If I decide to go into the money lendering business can I set my own interest rates
Can I charge 20% to 30% ?
Those take loan 20%/month are desperate Do you think they will able to make repayment?
If they have choice like bank/Credit card will they take up loan from loan shark at 20%. Mostly those take Ah long loan are
1. No salary pay slip or not fix job>> will they really able to serve $10k loan or more.
2. Those whose credit card all are max out>> meaning when they cannot even make the CC repayment with must lower interest will they able to serve Ah Long loan .
Now Ah Long are smarter open up license finance and pawn shop. They become more entrepreneurship with black and white document sign. Those pawn shop are sprout like mushroom all over island is last 2 year. Only small timer Loan shark still operate in old style. Lending money still kena chase by police. Some even worst the borrower them self report to the police to catch the Ah Long.