mickylonster

For the past couple of years at this time of year my better half loans money to people and gets paid back after the rice harvest, now a number of people do this around the village, she only charges 30% and undercuts others at 35% or higher, its quite a lucrative business, in the UK its generally known as loan sharks.

Last year we loaned 200k and took back in 265K in a 7 month period( one family could not meet the deadline so are paying 45% in Dec10.)

We could easily double up the loans but 1) I don't like the element of risk 2)I'd prefer to loan at a much lower rate if we were to carry on, these poor farmers get a rough enough deal as it is 3)Other loan sharks may see us as being unreasonable competition but as our extended family is quite pre-dominant in the area with a police oficer brother in law I can't see its worth anyones while trying to stop us.

Anyone else come across this?

JP