Were you successful with getting this loan?
No. They need to see a steady income. I managed without it.
I have a couple of friends who are in the legal business of giving private mortgages to people who don’t qualify for conventional mortgages here in Canada … Now I don’t have anywhere near the money to provide mortgages to people, but smaller business loans for foreigners could be possible, especially if secured. I have been thinking over business ideas and does anyone know the legality of starting a business that would give smaller loans (say under $20K US) to people who can’t get loans from banks (most foreigners)?
I know that there is risk in this sort of business, and no, I am not talking about loan sharking or anything along those lines. These would be a legal contract, with higher than bank interest rates (but way lower than credit cards), and secured with collateral. The reality is, most people pay their loans back, and foreigners have little to no way to borrow anything in Taiwan. Just trying to think outside the box a bit for business ideas.
Good question, maybe make a thread in the business and money section about it for more traffic.
I have feeling you might not be able to do it because for example; all pawn shops in Taiwan are gov regulated and have a fixed interest and rules behind it.
if it is a pawnshop, the registration is here.
Article 11
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The annual interest rate prescribed in subparagraph 3 of the preceding paragraph shall not exceed 30%.
Up to 25k USD is a lot of dough to risk on any one person. I could see microloans working out. Under say 3k or so so people could buy scooters, buy consumer items etc