Hey guys, I am looking to try to get a small personal loan from the bank with no credit in Taiwan. I have a checking account with CHB bank but no credit card. I’m only looking for about 50,000nt for money down on an apartment. Is it possible for my bank to loan me that money?
Talk with them, but without credit history it is very likely that they turn you down
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See if you can get a credit card first. The amount you are asking for isn’t that much and I think your credit limit would be perhaps around that much and you could just get a cash advance or something like that off the credit card. Might be an easier option. Although I’m not sure how easily they allow foreigners to apply for credit cards here. The people selling credit cards at Costco told me I could get the Costco credit card. They said all I needed was an ARC and Costco membership. Doesn’t mean they are right though.
It is hit and miss, depending on the alignment of the stars… literally.
Just avoid shark loans, the interest will -again, literally- kill you.
Usually the cash advance limit on a credit card is small - something like 20% of the total credit limit?
So to get a 50k cash advance, you will need a card with credit limit of 250k or 300k.
Getting a credit card cash advance in Taiwan sucks… There is a $150nt withdrawl fee which isnt that bad, but then there is a 2.5% of the withdrawn amount added as a service charge, and then interest rates of up to 20% depending on your bank.
As monkey says, usually you can only get a small amount as a cash advance from a credit card anyway, plus all those fees.
If you are Taiwanese, you can ask CHB bank for a small loan and they should be happy to do it since they can see your salary amounts paid in.
If you are a foreigner… hahahaha… I have a credit card at one bank for 4 years, but they still refuse to loan me cash… they suggested that I cash advance their card at 19%, which had me rolling on the floor and out the door. I said you dont trust me with your money at a reasonable rate of 5%, but you think I can pay it back at 19%
I made the mistake of always being paid in cash for my 2 jobs and rarely putting any in the bank. So i don’t think they’ll approve my loan due to inconsistent income on the books…
Just out of curiosity I asked my bank about this. I’ve been with China Trust for over 1 year, and have a credit history with them via a credit card. They told me No. They’d do a mortgage as if you bail on the loan they can seize the asset. But not an installment loan.
It’s too bad really. Most foreigners here exceed the minimum income amounts by a huge margin. But they get the cold shoulder.
Andrew you’re Taiwanese I take it? Get a few credit cards ASAP and build that credit. What is this about 50k NTD down payment on apartment? You mean 500k?
I checked today about a small loan. I had inquired last year to no success so I went in with low expectations. All banks I entered I have some relationship with.
Sinopac. Girl made a call and was told no. Used that opportunity to close that dormant account at sinopac since having it open didn’t help or that I was a long-term client. Took some cash home that I forgot about in the account.
Cathay. No Taiwan ID card no loan.
First bank nope even though my salary goes there.
Mega no although they said they dont make personal loans for anyone just corporate.
Citibank claims they dont do it for anyone.
Even if you hold a credit card at these fine institutions with perfect payment records , it’s worthless. Some places suggested I use cash advance at outrageous interest rates.
So if you need cash better start saving. The bank won’t give any to you bignose
I wonder: what about a line of credit?
Funny thing I asked about that .
They don’t have any concept here of an open ended line of credit type product. Loans appear to be fixed term and amount.
Unless you are talking cash cards which have insane interest rates. And banks don’t seem to promote it either, probably due to their memory of the credit card slaves
For 50,000 you may try a pawn shop here as they are legally able to give small loans with HIGH monthly interest.
Out of curiosity, how high?
I’ve heard 3 to 4% per month but needs to be verified.
That would be 36% to 48% per year if my math is right. I wonder how they would enforce it… gangsters?
Civil Code
Article 205
If the agreed rate of interest exceeds twenty percent (20%) per annum, the creditor shall not be entitled to claim any interest over twenty percent (20%).
Article 206
The creditor shall not cunningly obtain interests by discounting or by any other way, except the interest specified in the preceding article.
民法
第 205 條
約定利率，超過週年百分之二十者，債權人對於超過部分之利息，無請求權。
第 206 條
債權人除前條限定之利息外，不得以折扣或其他方法，巧取利益。
It’s like how there’s no Small Biz Loans here.
The thing is, though, if you ask someone about it, the reaction is priceless, and you have to sort of agree with them.
“You want WHAT? You want us to loan you money to start up your hot dog stand?? Are you fucking high???”
De jure law vs de facto law? Foreigners are always treated different…
Hey, at least it’s better than a 19% a month cash advance on a credit card.
I wonder if it would be worth using a credit card to purchase Bitcoin online and then sell the bitcoin for cash in person using a website like localbitcoins.com
I think it’s government regulated at 5% for loan and 2.5% for anything pawned
I’m going to give it another try at mega bank, I actually have a record of money going in to the bank showing I have a job. I want to see if they are willing to give a loan of 100,000. Which is really like not that much, like 3.5k USD. Plus I’m a ROC national so maybe they will be more willing this time. Last time I was paid all under the table so I can see why they wouldn’t give me a loan with no history on income.