Online loan scam drags young Thai woman into 2.6 million baht debt

A 26 year old vendor found herself entangled in an online loan scam after losing her job and seeking funds for investment. Bee, from Nakhon Phanom’s Pla Pak district, expressed her ordeal through media outlets, warning society about the risks of falling prey to online loan scams.

She initially borrowed 30,000 baht via an online application but was left with only 20,000 baht after the deduction of advanced interest. Despite repaying the first loan promptly, she fell into financial difficulties after her second loan, which led her to borrow from different online lenders over two to three months.

Bee initially saw an opportunity to borrow money online via a Line application and decided to inquire about the details. After providing her identification card information, address, and mobile phone number, she was approved for her first loan of 30,000 baht. However, 10,000 baht was deducted as advanced interest, leaving her with only 20,000 baht. The terms required her to repay the full 30,000 baht in seven days, which she managed to do.

Bee was drawn deeper into the online scam when she was approved for a second loan of 50,000 baht. Similar deductions were made, leaving her with 32,000 baht. She was required to repay the loan in seven days. However, she was unable to meet the repayment deadline due to business-related financial issues.

Consequently, she decided to borrow from other online lenders to cover her previous loans, creating a vicious cycle as she was deep in the loan scam over the next two to three months.

Unaware of the penalties for late repayment, including hefty fines and interest charges, Bee’s financial situation worsened. She borrowed from a total of 18 online lenders, accumulating a debt of 2.6 million baht. She was pressured to repay approximately 150,000 baht per day, a figure she could not meet.

This led to various forms of threats and public shaming, prompting her to believe it was an organised online loan operation scam, reported KhaoSod.

In fear for her safety and that of her family, Bee reported the matter to the investigative officers of Pla Pak Police Station for consideration of legal action regarding the debt collection. She also sought help from the media to raise awareness and called for the government’s intervention.

Bee insisted she had no intention of evading her debt, pledging to repay the loans legally and at the correct interest rate, not at the online scam rate. She is willing to repay her debt according to the law, but if threatened or asked for illegal repayment, she will take legal action.

Upon questioning, Bee confirmed that she did not intend to default on her loans. Initially, she wanted to invest in her business after losing her job, hence the online application for a loan.

She was unaware that the multiple online lenders contacting her were from the same scam loan operation, working as a team. She admitted to being easily deceived and fell victim to their scheme.

Currently, she is in debt of 2.6 million baht, including penalties for late repayment, and is threatened to repay around 150,000 baht daily, despite only borrowing around 400,000 to 500,000 baht.

“Eventually, I was unable to pay, leading to threats of various forms of harm. Therefore, I had to seek help from the state, and the police, and raise the issue through the media to warn society and call for a serious crackdown on online lending operations,”

Currently, she still receives threatening calls daily demanding full repayment without instalments or discounts.

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