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missionshk
Joined: 09 May 2007
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 Posted: Fri Oct 10, 2008 2:22 am Post subject: Its against the law to borrow money |
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I thought sincew the market was down I would borrow a couple months pay to invest. Only problem is that the law of Korea forbids a bank or whatever from lending to Foreigners.
I just feel so worthless and small because of that. It aint right. Why cant a bank decide on the merits without the law having some say in it? |
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hamlet712
Joined: 16 Mar 2007
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| Posted: Fri Oct 10, 2008 2:36 am Post subject: |
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1) is it an actual law or
2) is the bank just saying that to convince you they won't give it to you.
However, either way, I am not sure Id want a bank back home to be loaning money to new or relatively new foreigners who have no legal status in the country and with nothing for colateral.
This is called a common sense business practice.
Unless you omitted some details about why youd be deserving of a loan, or could offer something to convince them you would repay it, then I'm quite happy with the bank that turned you down. Then my rates wouldnt go up when and if the bank lost all the money that they stupidly gave to foreigners who then pulled a runner on them.
And let me see, what would happen if a lot of banks suddenly lost all that money, the ECONOMY would be effected.
Does the government run the economy?
Yes, hard to see why the governmen would/should be involved on that one.
A real stumper. |
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CentralCali
Joined: 17 May 2007
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| Posted: Fri Oct 10, 2008 2:52 am Post subject: |
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| hamlet712 wrote: |
| However, either way, I am not sure Id want a bank back home to be loaning money to new or relatively new foreigners who have no legal status in the country and with nothing for colateral. |
a) A visa is legal status.
b) There is such a thing as a signature loan, based of course on the expected income. Pay statements from the employer are wonderful for providing that information.
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| Then my rates wouldnt go up when and if the bank lost all the money that they stupidly gave to foreigners who then pulled a runner on them. |
c) To how many foreigners did your bank provide loans?
d) How many said foreigners defaulted on the loan? |
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itaewonguy
Joined: 25 Mar 2003
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| Posted: Fri Oct 10, 2008 2:53 am Post subject: |
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its common sense. You are a flight risk!
take out a loan for 20 million won, make some payments then you decide FUKC IT im outta here! I aint gonna come back to this place anyway! screw paying the bank back! try and find me! SEE YA!!
thats why banks dont lead to foreigners who are E2! or dont have any assets! |
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CentralCali
Joined: 17 May 2007
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| Posted: Fri Oct 10, 2008 2:54 am Post subject: |
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| BS. |
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hamlet712
Joined: 16 Mar 2007
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| Posted: Fri Oct 10, 2008 3:05 am Post subject: |
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| CentralCali wrote: |
| hamlet712 wrote: |
| However, either way, I am not sure Id want a bank back home to be loaning money to new or relatively new foreigners who have no legal status in the country and with nothing for colateral. |
a) A visa is legal status.
b) There is such a thing as a signature loan, based of course on the expected income. Pay statements from the employer are wonderful for providing that information.
| Quote: |
| Then my rates wouldnt go up when and if the bank lost all the money that they stupidly gave to foreigners who then pulled a runner on them. |
c) To how many foreigners did your bank provide loans?
d) How many said foreigners defaulted on the loan? |
A)Fine, something MORE than a visa then. Bank loans should be made to a CITIZEN or landed Immigrant.
B) if that exists then the law Must not.
C) NOt sure, I dont work for them, but I would not like if they were making unsecured loans to anybody, but especially a foreigner.
D)Same answer basically |
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endo
Joined: 14 Mar 2004
Location: Seoul...my home
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| Posted: Fri Oct 10, 2008 3:08 am Post subject: |
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tolll  |
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CentralCali
Joined: 17 May 2007
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| Posted: Fri Oct 10, 2008 3:15 am Post subject: |
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| hamlet712 wrote: |
| A)Fine, something MORE than a visa then. Bank loans should be made to a CITIZEN or landed Immigrant. |
I'm glad you're not in charge of the banking industry!
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| B) if that exists then the law Must not. |
What?
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| C) NOt sure, I dont work for them, but I would not like if they were making unsecured loans to anybody, but especially a foreigner. |
Little on the xenophobic side? There are plenty of foreigners, both here and in our home countries, who contribute to the economy without being Landed Immigrants or Immigrant Aliens. There are such thing as employment visas, after all. And, as already mentioned, there are signature loans.
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| D)Same answer basically |
Ah, so basically you're just ranting and have absolutely no idea what you're talking about. Thanks for clearing that up. |
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sojourner1
Joined: 17 Apr 2007
Location: Where meggi swim and 2 wheeled tractors go sput put chug alugg pug pug
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| Posted: Fri Oct 10, 2008 3:47 am Post subject: |
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| No way, it's obvious you're being lied to. Instead of rocking the boat by creating a scene of telling you that branch doesn't do business with foreigners, they told you they are prevented from doing so due to some bogus law. They were trying to be nice about their act of discrimination by lying. It's their prerogative to discriminate as they wish as the banking industry seems quite unregulated due to all the inconsistencies. |
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Tiberious aka Sparkles
Joined: 23 Jan 2003
Location: I'm one cool cat!
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| Posted: Fri Oct 10, 2008 3:55 am Post subject: |
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I'm no rocket scientist, but I've always thought banks looked at things such as credit history, assets, and so on to determine whether or not it's a good idea to loan money to someone.
OP, do you have any credit history in Korea? Any assets?
If someone approached you on the street and asked you to lend them a thousand dollars, would you? |
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indytrucks
Joined: 09 Apr 2003
Location: The Shelf
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| Posted: Fri Oct 10, 2008 4:10 am Post subject: |
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| Tiberious aka Sparkles wrote: |
I'm no rocket scientist, but I've always thought banks looked at things such as credit history, assets, and so on to determine whether or not it's a good idea to loan money to someone.
OP, do you have any credit history in Korea? Any assets?
If someone approached you on the street and asked you to lend them a thousand dollars, would you? |
Thank you. I'm surprised we haven't seen the usual Dave's knee-jerk response to these sorts of issues (e.g. the trotting out of the R-word).
I don't know what they're teaching the yung'uns in university these days (other than the usual nauseating senses of Western self-entitlement and cultural superiority), but I swear to fucking God some of the newbs to Korea and this board are dumber than a bag of hammers. |
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cdninkorea
Joined: 27 Jan 2006
Location: Seoul
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| Posted: Fri Oct 10, 2008 4:37 am Post subject: |
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| indytrucks wrote: |
| I don't know what they're teaching the yung'uns in university these days (other than the usual nauseating senses of Western self-entitlement and cultural superiority), but I swear to fucking God some of the newbs to Korea and this board are dumber than a bag of hammers. |
Off topic, but when I was in university all I heard about was the inferiority of Western culture, and the superiority of Native American and any non-developed society, from Marxist profs.
Many universities in Canada and the US are famously Leftist with little tolerance for dissent, which is ironic considering they throw around words like "tolerance" and "diversity" so much. |
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indytrucks
Joined: 09 Apr 2003
Location: The Shelf
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| Posted: Fri Oct 10, 2008 4:52 am Post subject: |
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| cdninkorea wrote: |
| Off topic, but when I was in university all I heard about was the inferiority of Western culture, and the superiority of Native American and any non-developed society, from Marxist profs. |
Interesting. Then again, I'd always heard the programmes at the University of Trotsky were first rate.
I suppose then, if this is the case among most FTs in Korea, that's what makes the prevailing attitude of self-righteous indignation and smug condescension towards Koreans so sickening. |
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RACETRAITOR
Joined: 24 Oct 2005
Location: Seoul, South Korea
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| Posted: Fri Oct 10, 2008 5:47 am Post subject: |
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| You shouldn't be taking out loans anyway. It's probably the stupidest thing you can do right now. |
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Mr. Pink
Joined: 21 Oct 2003
Location: China
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| Posted: Fri Oct 10, 2008 5:58 am Post subject: |
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| It might not be a law, but it is bank policy. I couldn't get a loan on an F-2 visa and years established at a good job. |
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