by Chneseexpat » Sat Jul 06, 2019 6:57 pm
YaTingPom wrote: ↑Thu Jul 04, 2019 9:57 pm
“She decided to sell her land, a plot of about 100 hectares, for $4,000 and after repaying her loan there was little money left.”
So if they require land titles why did she sell her land, if they already own it, or does she have other land that they owned the title on?
She earns $5 a day but spent over $4k on every items.
Hmm.
Bad debtor or a bad example.
Oh well. They’ll be some cheap land to snap up soon.
It doesn't really give enough info in that article to tell which.
Reading between the lines though, I think she was wise enough to sell the land before she defaulted on the loan and forfeited to the company/ies. Most borrowers take multiple loans out, often so they can repay their other loans.
Another point of interest is the 1% default figure often bandied about the industry. When you look into where this figure comes from, you realise that it's the standard industry figure. The figure is uncheckable, as MFI finances are non transparent. It's likely to be a lot higher.
[quote=YaTingPom post_id=975324 time=1562252247 user_id=38577]
“She decided to sell her land, a plot of about 100 hectares, for $4,000 and after repaying her loan there was little money left.”
So if they require land titles why did she sell her land, if they already own it, or does she have other land that they owned the title on?
She earns $5 a day but spent over $4k on every items.
Hmm.
[b]Bad debtor or a bad example. [/b]
Oh well. They’ll be some cheap land to snap up soon.
[/quote]
It doesn't really give enough info in that article to tell which.
Reading between the lines though, I think she was wise enough to sell the land before she defaulted on the loan and forfeited to the company/ies. Most borrowers take multiple loans out, often so they can repay their other loans.
Another point of interest is the 1% default figure often bandied about the industry. When you look into where this figure comes from, you realise that it's the standard industry figure. The figure is uncheckable, as MFI finances are non transparent. It's likely to be a lot higher.