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Originally Posted by jackbl
Easy say then done. How and where to find that?? If everyone can provide the services, who are the one using it??
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They usually loan money at 10% a week in Hanoi, or loan gold to people at 10% - makes more profit with gold value. Usually there is a minimum time, with a minimum value to pay, even if the money is back the next day. It is rampant, and many Vietnamese who have a bit money rent some people to find customers and make loan for them.
A lot of people are in this business at present time, and they quickly become very rich.
To open a shop, or for a surgery - you can find many people with small paper books just outside of the hospitals in Hanoi, sometimes in the large waiting halls. They are here for that business, check the hospital bill, get the original ID papers, check the papers, if the people have family, house, relatives, childs, and here is the money. Got a maid once in that scheme, and they would come to threaten her underage childs every day.
Many motorbike accidents too in Hanoi happen to people who are a couple days late to pay the interest - interests are collected weekly. sometimes daily in the market or with the taxi. Stay long enough in Hanoi, it's very rare that close to the taxi parking places like the Hilton there are not taxi drivers paying to a man in motorbike some hundreds thousands VND. That's the interests. Getting a loan from a bank in Vietnam is exceedingly difficult, and never for the full amount on any given project, so money loaners have a lot of opportunities.
A taxi driver who wants to be allowed to work needs to pay a fee to his future colleagues to be properly introduced to the boss. Usually 5-10.000USD for the higher grade companies to get that job. It makes a pyramid income scheme, money loaners, then this new taxi driver himself will get money when a new taxi driver wants to join. A couple of years ago, crew members would pay 20-50.000 USD to be allowed to join Vietnam Airlines. Of course, only a money loaner with high interest can loan that money, not a bank.