Possible to get financing in Thailand as an expat?

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Hello guys,

Well, I'm living in Thailand nowadays (BKK) and I'd like to know if it is possible for an expat to get some kind of business financing (a loan), because I'd like to open an offline business in the coming years, as I've identified some pretty good opportunities that I'd like to exploit.

However, my questions are:

  1. Is it possible for foreigners to get a business loan? (main question)
  2. Is it possible for me to get a credit card to start building a financial record?
  3. Is it possible to get personal loans as an expat?
I'm a bit lost in this matter, hence why I'm asking :) I'll appreciate any help, thanks in advance!
 

VirtualGlobalPhone

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thefastlanehere , Thailand the land of Joy and Happiness. Good place.

But as per general understanding, irrespective if you are foreigner or local, "Loan" also known as "Money of others" will not be handed over by any until you have an asset either intellectual or physical or on going business.

Hope this helps you.
 
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I would look into a grant possibly. I think taking your business overseas and enriching their economy while taking another countries' money could be a bit fuzzy ethically, and there would be virtually no upside to the lender. Also, there may be residency/cultural reqs if you want a loan from a Thai bank, so you need to do more research.
 
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thefastlanehere , Thailand the land of Joy and Happiness. Good place.

But as per general understanding, irrespective if you are foreigner or local, "Loan" also known as "Money of others" will not be handed over by any until you have an asset either intellectual or physical or on going business.

Hope this helps you.
You're right on that, but I already know that, only that I'd like to build a financial record and reputation in Thailand because I won't request a lot of money, just some extra (10K-30K) to get things going, in case I ever decide to launch my plan.

Asking in other forums, they recommended me to get a personal credit card like Umay+ (www.umayplus.com/cashcard) as it opens the door for other types of financing, especially for the sum I'm aiming to.
 

VirtualGlobalPhone

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thefastlanehere ,

Never start a business by borrowing money from bank putting your own risk. The shear , fear and pressure gets eyes off the business!!!!

Unless you just want to simply TRY IT OUT.

The Umay you shared is for Thailand Nationality only is it not ? And dont you think 18%+ to 30%+ rate of interest is on higher side for the business. What type of business you want to start with 5 to 7% risk already built into cash inflow!!! u must make a profit of anywhere from 50 to 75% profit to sustain is it not ?
 
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