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Do you know what Bombay is?
#11
True. They are illegal, people considering these lenders have no choice. They are less fortunates who can't afford any requirements to show on a legal lenders. So for them, Bombay is reliable and helpful no matter how unlawful they are.
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#12
(01-05-2018, 04:29 PM)Heart Wrote: True. They are illegal, people considering these lenders have no choice. They are less fortunates who can't afford any requirements to show on a legal lenders. So for them, Bombay is reliable and helpful no matter how unlawful they are.

Yes, I know them. They are usually Indians offering money for lend at 20% interest rate. That is why they are called 5 - 6  also because that is the tagline they use to invite people to lend money from them. Although their business is a bit unfair, I have never heard of any complaints or a Bombay being put in jail because of their business. I think there is still no law passed that would say they are illegal because they are not regulated by SEC and their business is an agreement between two persons. Despite the high interest rate, many people would still run to them because they don't have many requirements.
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#13
(01-05-2018, 06:30 PM)leeyong88 Wrote:
(01-05-2018, 04:29 PM)Heart Wrote: True. They are illegal, people considering these lenders have no choice. They are less fortunates who can't afford any requirements to show on a legal lenders. So for them, Bombay is reliable and helpful no matter how unlawful they are.

Yes, I know them. They are usually Indians offering money for lend at 20% interest rate. That is why they are called 5 - 6  also because that is the tagline they use to invite people to lend money from them. Although their business is a bit unfair, I have never heard of any complaints or a Bombay being put in jail because of their business. I think there is still no law passed that would say they are illegal because they are not regulated by SEC and their business is an agreement between two persons. Despite the high interest rate, many people would still run to them because they don't have many requirements.

Yup, witnessed how indemand Bombays are. I am not sure about the progress or the current standing of the issue about their legality here in our countrt but I am sure how right you are that there is no one I have known or heard about Bombay being in a jail because of complaints. Many people benefited with them so I am sure removing them without any alternatives will just create chaos between the Government and the People.
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#14
A 20% rate for an unsecured loan is pretty decent. Many credit cards charge more.
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#15
I am not very familiar with it but I have heard a little about it. I think it is an indian loan company that usually help businesses that are smaller or just getting started. I am not sure if it is reliable so if you are considering, look at the risks before so you do not get scammed or get in any trouble with them.
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#16
Bombay are Indian people who lends money to small business owners such as stores. There is this so called 5-6 wherein for example, you will be given five thousand pesos and you will have to pay six thousand pesos because of the interest added on the money that you borrowed. A Bombay usually rides a motorcycle to go store to store weekly to collect the installment payment for the money they lend to store owners.
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#17
Bombay in our Country is the one who lend money 5 to 6 thousands in Philippine Peso, its very popular even your neighbor can be a bombay just you have a lot of money and have money people come to you and lend them money and have an interest rate of 10 to 20% some bombay don't have interest rate but you must pay back there money in the exact date that what the agreements is. Some bombay make them self a pawnshop of a gadgets ,jewelry and other accessories it dependents on the agreement.
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#18
I am also aware of the Bombay and it is true that they lend money to small business owners. Some say it is useful to them because they can have cash the day after they've requested it from the Bombay. Some say they have no other choice, even if their interest rate is 20% and is burdensome, they take it to have additional capital for their business. I think it is really burdensome to minimum earners especially it is on a daily basis. But, on the other hand, it is their fastest way to have money. The risk of the Bombay here is when the debtor hides form them.
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#19
Bombay is very popular in our country and I think they are popular in asia. They are indian national who will lend you money if they know that you can pay them. They lend you money without any collateral or documentation, just a personal agreement that you will pay them. The interest is quite high, I think 10%. Other people called them five-six. It is very easy to borrow money from them, you just need to tell them how much you need and if the money is available they will give it to your right away. But I think it can't be done online since bombay is collecting the payment everyday in your house.
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#20
Bombays are like loan sharks. Easy loan is what they offer. They would just make sure where you live or where is your business located and then they will grant your loan. On a higher interest of course. They have options for payment. It can be daily, weekly,bi-weekly or once a month payment. They also have different items that you can lend from them. Just name it and they got for you.
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