Phuket Governor Norraphat Plodthong announced the event at a press conference at Provincial Hall yesterday (Aug 24).
“The objective of the fair is to help people understand the sources of finance available to them, and to explain the dangers of and how to deal with loan sharks and investment scams,” explained Ladda Phutthachart, chief of the Phuket Provincial Office of the Comptroller General.
“We will also be explaining financial innovations such as the use of QR Codes when providing information about aspects such as national savings schemes, tax rights and insurance rights, government credit services, credit guarantees, PromptPay and free credit rating checks,” Ms Ladda noted.
Somkiet Jaturabandit, of the Southern Thailand money-lending firm OK 2017 Co Ltd, explained that the fair will be open from 9am to 4pm.
The private company OK 2017 Co Ltd is the sole agent accredited by the government to provide “Pico Finance” services in Phuket. (See the full list of accredited “Pico Finance” providers here.)
The “Pico Finance” is a campaign ordered by Prime Minister Prayut Chan-o-cha in March to help low-income people an alternative to resorting to loan sharks, while setting a deadline to eliminate 200,000 informal lenders within two years. (See website here.)
“People who register at the fair will be able to apply for loans from Sept 14 to Dec 31,” Mr Somkiet said.
According to the information provided at the press conference by Mr Somkiet, people will be able to sign up for loans under two options: 1) 0% for an undetermined period of months, then 3% per month “until the contract is finished; or 2) 1.5% interest per month for six months with no other terms explained “until the contract is finished.”
However, it was made clear that loans will be capped at B50,000 per applicant.
“The project is to give credit to persons who are registered as living in Phuket or work in Phuket,” Mr Somkiet said.
“Loans will not be more than B50,000, and they may or may not require guarantors, but even persons declared bankrupt and banned from receiving loans from formal credit facilities can apply,” he added.
Jaran Sangsa, Secretary of the Phuket Chamber of Commerce, said, “We all agree that the fair will be good for everyone.”
Of note, Mr Somkiet of OK 2017 Co Ltd last made headlines in December 2015 when he inadvertently left B400,000 in a bag in the men’s bathroom at the Tesco mall on the bypass road. The bag, and the money, were duly returned by an honest security guard. (See story here.)