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Q: How i can get small loan in shanghai?

9 years 19 weeks ago in  Money & Banking - Shanghai

 
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If you are a foreigner, at least Bank of China will ask you to be working with same employer for more than one year, have paid taxes if required and show receipts (to justify your claim of income), have a residence permit (once I was told that will have to prove I have lived in China at least 5 years), have an account with the bank, and also collateral to back up the loan.

Of course, you can also go to a loan shark, but those charge an arm and a leg per month for interest. Sometimes as much as 100 % of loan, like you borrow 5,000 kuai and pay back 10,000 one month after.

Remember, China is a cash society, credit is very rare and hard to get here, even now days.

Oleg-shanghai:

Thanks for your info

9 years 19 weeks ago
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9 years 19 weeks ago
 
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If you are a foreigner, at least Bank of China will ask you to be working with same employer for more than one year, have paid taxes if required and show receipts (to justify your claim of income), have a residence permit (once I was told that will have to prove I have lived in China at least 5 years), have an account with the bank, and also collateral to back up the loan.

Of course, you can also go to a loan shark, but those charge an arm and a leg per month for interest. Sometimes as much as 100 % of loan, like you borrow 5,000 kuai and pay back 10,000 one month after.

Remember, China is a cash society, credit is very rare and hard to get here, even now days.

Oleg-shanghai:

Thanks for your info

9 years 19 weeks ago
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9 years 19 weeks ago
 
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By selling your body on the streets.

I mean, literally.

Oleg-shanghai:

Fuck off 

9 years 19 weeks ago
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Sinobear:

No, Nolegs-wenttoabigcityandnowimovermyhead, you F-off.

Why in the hell would you come to China and suddenly expect everyone to bend over backwards for you?

Money problems? Talk to mommy and daddy. No mommy and daddy? Suck it up and work for the cash. Your lack of responsibility is not our problem to solve. Grow a pair.

9 years 19 weeks ago
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Spiderboenz:

that's just iphone/ipad money. what if he needs SERIOUS cash?

9 years 19 weeks ago
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Eorthisio:

This is China, you can borrow money from individuals, but if you do not pay back on-time get ready for troubles, it can range from your bicycle mysteriously disappearing to hired thugs breaking both your knees to remind you that you owe money to someone here and that they did not forget. Oh and the cops won't care because if someone can lend you money they can also bribe influent people. Welcome to China, where the only god is called RMB.

9 years 19 weeks ago
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9 years 19 weeks ago
 
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Shifu

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Traditionally lending in China is done through the family although that is changing as more and more people seek bank loans to buy houses and cars. If you're a foreigner, no mortgage for you.

 

 For foreigners, see the info from HappyExpat. It might help if you provided some information about the purpose of the loan. Are you starting a business or are you broke and destitute in search of beer money? If the latter, you might look to do some part time ESL teaching to raise some quick cash (although this might not be entirely legal depending on your situation). Banks have no interest in lending to foreigners who can get up and leave any time (China does not have extradition treaties with most western countries) so they'd be crazy to lend to you. 

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Talk to your boss, see if you get an advance on your salary.

 

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Losers of the world, if you are hard up for cash go to different cafes and coffee shops, look for people studying for the IELTS or TOEFL and offer to tutor them. Walk the city and go into every training school and offer your services.

Losers without money are always looking for someone else to make it easy for them. You're in Shanghai, get out and sell your body and work for your keep.

You are the loser looking for a small loan, save the attitude for your mother and father for raising such a disgraceful disappointment. 

I met a student a few years ago, he was new but I his first week he had interviews set up at about 8-9 schools. I didn't even know that small city had that many language schools. You know how he found them, he walked the city looking for billboards adverts and schools for an entire day. 

He was determined to fund his own education so his family could get some relief. 19 years old, but he was a 'MAN' worthy of admiration.

You, your a lazy piece of excrement. Waiting for someone to step on you and bring you someplace nice.

dongbeiren:

A bit harsh but yea, finding part time gigs in China to raise funds shouldn't be tough if one is really in need of cash... it never ceases to amaze me how many idiots I encounter who are broke/in visa trouble and just getting themselves into shit  that could be avoided with some common sense, forward thinking, knowledge of the law and basic financial discipline. There are some real fuck ups who wash up in China. 

9 years 19 weeks ago
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Englteachted:

Right, but look at his question. He's asking for a loan. If I need money, I'm asking for work. I don't respect idiots like that.

9 years 19 weeks ago
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Iron_Monkey:

Sorry I can't help but chuckle when I hear English teachers talking about respect.

 

Maybe I'm different but I have more respect for the OP than most of the people who replied with their harsh/comical answers without even knowing the circumstances and/or situation the OP is in.  We've probably all had Chinese colleagues ask us for money at some point (I know I have), do you tear them apart like Oleg here or do you find a better way to decline them?  Interesting thing is Oleg wasn't even asking you guys to lend him/her money, he was asking where in Shanghai he/she could get a small loan and didn't do it anonymously at that.

 

As for the person who said a lot of f-ups wash up in China, I think we know what 99% of those f-ups do here.

9 years 19 weeks ago
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pbrown22:

Way too harsh to call a guy looking for a loan a loser.  Most of us have been there and we have no idea his situation.  There are plenty of situations that can put just about anyone in the hole for a time.  Sickness?  Accident?  Investment disaster? Theft?  Maybe he wants to use it to help someone else.  Just assuming because the guy is looking for a loan must mean he is irresponsible well is just ignorant and judgmental.

9 years 19 weeks ago
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Sinobear:

Hurray!  Iron_Monkey has volunteered to give Oleg a loan! Because he is determined to show his morality and conscience - far superior to us "teachers", he will do so without collateral or interest rate.

Please, Iron_Monkey, tell us how much you are loaning to Oleg? Have you already transferred the money? Are you best buds yet?

 

9 years 19 weeks ago
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expatlife26:

I'm not going to be as much of a dick about it as iron monkey but yeah I agree with iron monkey that covers a lot of people here in china

 

Of course not everybody but I've written about that kinda "judgmentally poor" type that you find in ESL at higher rates. And i'm not saying anybody specifically on this forum is 100% this kinda strawman, and I like everybody here. But you see elements of it.

 

The people that get snotty at questions about foreigners owning a car or getting a credit card. For the record I don't have a car, but I'm not proud to not have one. A lot of people that like ESL like it specifically cause it DOES offer a nice simple life. And there's nothing wrong with liking that kinda simple life...but it's not what everybody wants. And getting uppity about it says you aren't happy with it either. However it is intended, it can come off as like "Hey I tell myself i'm doing great for China and you're shattering my illusion!" Especially people from the US or Canada where nearly everyone has a car...you're honestly telling us that you wouldn't own one in a different situation? You can take the bus back home a lotta places but it's not as socially acceptable you know? Get off your high horse, imaginary strawman i'm talking to!

 

It's easy to sneer at somebody who wants a loan when you look at your own life. You might be cool making 12K a month and living well below your means. That's nothing if not responsible and a perfectly cool way to live if you like it. But it does mean you aren't doing anything. Low-risk/low-reward. If you don't have a business or want to buy a car or home you probably have zero need for loans. But that doesn't make you better than anyone who does, any more than owning a car makes them better than you.

 

For example I have zero debt, but I just started an MBA program. I should be good...but if I lose my job my first call is going to be to FAFSA to apply for student loans. Wouldn't make me any less of a go-getter or brand me an irresponsible person. It's just what can happen when you make moves and something doesn't go your way. When you don't do anything you don't run that risk. 
 

Now i know this way more to do with (i hate this term but nothing better) the kinda expat culture wars that pop up some time than with oleg's question. Cause we know nothing about the guy. But just assuming he's a loser is short sighted. Maybe the people that YOU know would only need a loan cause they blow their paychecks on beer and hookers, not everybody is like that.

9 years 18 weeks ago
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dongbeiren:

Iron Monkey is obviously a judgmental jerk off. You say someone who you know nothing about other than the fact that he wants a loan is better in your eyes than someone who works for a living?  

 

True, most of the fuck ups in China are ESL teachers but that does not mean that most ESL teachers are fuck ups. In fact, many  people who teach here are more financially comfortable and interesting people than your average schmuck working an average job back home.

 

Iron Monkey, why do you look down on people who do honest work and support themselves? 

9 years 18 weeks ago
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WTF people you crazy i just ask a question and you with your bullshit answers like this  Englteachted,Sinobear

look if you don't know have useful tips then just don't wright anything.That bullshit that you wright its useless better answer for the stupid question How do you get to work?

Chine is crazy place that you can be in a moment in fucked up  situation you never know.

This discussion if over,thanks for usefully answers.

ScotsAlan:

I have been destitute before. Many years ago, back in my home country.

 

I walked the streets and knocked on doors for work. I ended up washing cars, washing dishes.... I survived.

 

The lesson I learned was to keep your friends. Friends will move mountains for you if you are in real need.

 

If you don't have friends, life will be tough.

 

You will survive this episode of your life. And it will make you stronger. But only if your mindset is calibrated to humility.  No humility and your on your own dude.

 

 

9 years 19 weeks ago
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Englteachted:

I think he's too spoiled and lazy to see the wisdom in your statement.

9 years 19 weeks ago
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Scots:"I have been destitute before. Many years ago, back in my home country.

 

I walked the streets and knocked on doors for work."

 

 

This is exactly my point. 

 

Oleg: You clearly did not come here on  a work visa. So it's either a student or tourist visa. Why the hell would anyone come to China  without money and a way to get money from outside of China?  You are hard up for cash? Tutor someone, sell your phone or tablet /computer. 

 

And for people confusing his situation for an emergency situation pay attention, he's looking for a loan. A loan is never given to you the same day.  So his situation is not seriously urgent, so he could and should look for work. Many jobs (training schools, tutoring gigs) could pay you the same day. Today is Saturday get off you damn computer and go out to all the training schools and look for work. 

 

"I'm hard up for cash, hmmmm let me sit on my ass go online and ask a bunch of strangers where some one can loan me money?" 

 

Asking others to do the work for you, instead of calling your friends , other students, going out to banks, pawn shops yourself. 

That's a lazy loser plain and simple. 

Shining_brow:

High horse much???

9 years 19 weeks ago
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Get married... they'll give you a nice pile of cash (which you'll have to repay with your soul - and the rest of your money - later!)

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9 years 19 weeks ago
 
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Shifu

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I think people really jumped to a ton of conclusions here from virtually no background info.

 

theres plenty of reasons a normal, responsible person would need a loan that aren't just laziness.

 

This guy might have a business and needs some cash to buy stock before his receivables come current. That's not exactly a rare problem!

 

Could be some kinda medical issue...I dunno. 

 

Oleg is a slavic name, he may not be able to just go teach english.

 

To answer your question, it will probably be difficult for you to secure official financing because (somewhat justifiably) they would have difficulty chasing you down if you just decided to leave the country. Unless you have some kind of asset to collateralize. For that i'm sorry there isn't a better answer as far as I know.

 

For everything that thinks this is a supremely stupid question...If you are in Hong Kong and have a payroll account with HSBC you can get a personal loan I believe for up to 3 months income with no collateral and (i think) get the money the same day.

 

You guys are all picturing this lazy sack of shit type foreigner sitting around wanting to go to the bar or buy a car he doesn't need. Oleg could be that, this could also be a bullshit post, but there is no reason to think that and it's a fair question.

Eorthisio:

"You guys are all picturing this lazy sack of shit type foreigner sitting around wanting to go to the bar or buy a car he doesn't need. Oleg could be that, this could also be a bullshit post, but there is no reason to think that and it's a fair question."

 

They are called China experts and entrepreneurs, in Shanghai most of them live in the block behind Jing'an Temple and on Dingxi Lu... nah just joking they are unemployed wankers on business visa living their Chinese dream of bars and cheap hookers on a 10 years loan they got back home. These two places above are commonly known as "F-visa ghettos" among long term expats, and the same guys complain about the oh-so xenophobic and unwelcoming chinese dictatorial government when they don't get a 10th extension on their business visa. Yet it's better now than it was back in the 2000s, thanks to the tightening visa rules.

9 years 18 weeks ago
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expatlife26:

Listen I dont have sympathy either for people who make dumb choices. Im just saying we don't know he's made a dumb choice. We don't know this guy doesn't work.

 

I know there are those kinda lazy sack of shit types i've met many of them. so called entrepreneurs who absolutely do not have any sort of viable business. Just work minimal hours but want to come off like a go-getter.

9 years 18 weeks ago
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dongbeiren:

I have to agree that a lot of the attacks on the OP were presumptuous and came off as sort of self righteous.

 

 

It would have been nice if the OP had given some more details about his situation. Though I can't really blame people for assuming the worst considering some of the expats who end up in the shits here due to their own lack of responsibility. Maybe he wants to start a business. Maybe he needs money to pay for medical care. Maybe he's a broke college student. Maybe a drug addict. Anything is possible so yea, wanting to borrow money in and of itself is not worthy of being abused. 

9 years 18 weeks ago
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Its interesting that so many people read this super vague question and the first thing they came away with was this guy was lazy and wanted a payday loan for beer. 

 

I myself thought house or car or student loans. 

 

Why is " loan " such a dirty word here anyways?  Who cares if this guy is a crack head and wants it for hookers and blow? How does it effect anyone??

 

And by the way where do you come from where loans are such a horrible thing?  Isnt the whole economy of your home country based upon credit??  Did your parents pay for their house with cash??? 

 

Its not a big deal here either in China.  Pretty much all middle class self sufficient people in China used loans for their house and cars. Banks for the mortgage and  personal loans for the down payment. 

 

 Hell I know rich ass people that still finance their cars.  Prefer to hold on to their cash. 

 

Maybe the guy wants to buy a diamond ring for his missus, i dunno. I just didnt see a single thing there that shows he is a low life. 

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