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Do you know what Bombay is?
(01-04-2018, 02:06 PM)Heart Wrote: Most of my neighbor have their dept from these people which they called Bombay not sure if they are Indians but they look like one. I dont know how their contract or rules work but base on what I know there is a thing called 5-6 where in you can avail a loan and the interests will be base on the 5-6 rule, (correct me if I am wrong) in every 5 loan you avail you'll have to pay it 6 or if you avail 20 you'll have to pay 24. You can pay them in installment basis for everyday or it can be twice or once a week. They will come to your house for payments as well, they don't ask any requirements they just have to know where you live so they can come to you
Here in the Philippines we called 5/6 when you loan 500 you pay them or you pay to the Bombay 600, yeah this kind of method helps lot of Filipino's and some of Filipino's drown with loan on 5/6.
(01-04-2018, 03:36 PM)Heart Wrote:
(01-04-2018, 03:26 PM)Camilla Wrote: A Bombay is an Indian national who lends money to small businessmen or house owners. They have helped people sustain their businesses or make both ends meet. They have been the subject of scrutiny by the government and have received public threats that they will be arrested if caught in the act of lending or collecting money from borrowers.  I doubt if they can take their business online legally unless they find a way to become naturalized citizens.

Oh! Its like I was reading an article on your comment. Smile yup! Been seeing that arguments circulating last year but up until now I am still seeing them here in our place lending money to our neighbors and for sure still around the country. They helped people with financial problems but as you have said its hard or near to impossible to take their lending business online unless its a secret transaction.

(01-04-2018, 02:46 PM)Michael Puttman Wrote: I have never heard off this but it sounds interesting. It’s a person to person loan with what appears to be a 20% fee. I wonder if it can be done online.

I don't think it can be done online since they should meet you personally and they will also have to know where you live since they are the one who will come to you to get the payment. Since they don't ask for any requirements and will give you the money you needed the soonest they are pretty indemand for those who does have finacial problem or for those with emergency.

They are very popular here in the Philippines. Because aside from lending money, they are also offering different kinds of items and appliances. But the negative part of this is they are not documented, therefore there's no way for the government to collect tax from them. In short it can be categorized as an illegal transaction. Most of them are operating in slam and depressed areas.
High interest of Bombay are killing the small scale business in my country. A lot of mini stores are already close because of that high interest. They can't afford to pay that much high. Yes, the thing is why they still apply to this type of loans even it high interest is, The Bombay are easy to deal with. They will lend you money without any major requirements. Less hassle isn't.
(01-04-2018, 06:08 PM)chikatilo Wrote:
(01-04-2018, 02:06 PM)Heart Wrote:  They will come to your house for payments as well, they don't ask any requirements they just have to know where you live so they can come to you.

What if you take a huge loan, find yourself unable to pay it off and go live at another place? lol  Big Grin There will be no way for these people to find you.  Smile

This whole scheme sounds very dodgy and is absolutely illegal. Bombay lenders are prosecuted by law in many countries.

On another note, look what I found on the net: It's not clear if their interest rate is based on the "5-6" system or they're just using the phrase to get attention. One has to apply for a loan in order to obtain their terms and conditions.

Yeah! That's is certainly true, they no any means to know your whereabouts if you don't want to pay them. It's just their scheme so that they will get your attentions, but sometimes, they are also very helpful. Because, you can borrow money from them in a dire situation and yeah, there's no contract or something like that but it's up to you if you will the bombay since they are making their own living by lending money to someone. If your conscience can bare to not pay, well, it's really up to you. haha. LOL!  Big Grin
Big Grin 
For a deeper enlightenment, 'BOMBAY' or 'BUMBAY' are Indian nationals who lend money at a 20% interest. Unlike before, these guys will just lend you money without requiring you for any proof of income however, it's a must that they know your house because they collect the payment personally riding on a motorcycle. Nowadays, these Indian folks will require you to have a source of income like even a small retail store (sari-sari) or a grocery and even a rented spot in a public market. Mind you, their collection is daily. 

And one interesting thing you need to know about this 'BOMBAY' / 'BUMBAY' is that when they lend you money you are also oblige to get 1-2 items that they are selling. These items are mostly blankets, cooking wares, plastic cabinets and even towels. So, the daily collection that you need to pay them would be the principal amount + 20% + the value of the items you get...  Big Grin

Now if for instance you need money again and you haven't paid your loan with them yet in full, you can ask them to renew it but the remaining balance of your previous/unpaid loan will be deducted in full on your renewal.
I'm a Filipino and the word Bombay to me is very known to us, I already tried this and it's really sick, I barrow money to Bombay because I have no choice and I need money for emergency.
I know about these individuals they're called Bombays, in fact I live in the nation where it is generally well known. In spite of the fact that I have caught wind of them, I truly don't know how "5-6" functions. The main thing I know is that they're Indian nationals who have the way to loan cash to win benefits from. They're extremely prominent here since a substantial part of the populace relies upon credits to keep themselves alive and relaxing. With the lawfulness put aside, It's as yet something you can do at your own hazard for a final resort choice.
Bombay, here in the Philippines they are Indian nationals who went street by street looking for people who owns a small business which they offer to borrow money from them. All of the Bombay lenders in the Philippines operate illegally, meaning they are not registered as a official legit lending business that's why most of the time they risk not getting paid by the people who borrowed money.
I think it's a loan between two people with a 20% fee charge when you want to pay back. It is mostly practiced between the Indian community that's why it got that name. That's all I know about it, just guessing though.
I only know Bombay as a city in the country of India? Does it mean something else! If it does please explain, I'm sure most of us would like to know. I'm also sure this is an interesting concept!And it relates to lending money? Now I'm curious. Strange that I have never heard of it though!

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