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#201123 - 09/19/06 09:22 PM Money - Debt - Financing
fugazi Offline
I was wondering if there is such a thing as "payday loans" in Belize and the island, in particular.

I have never seen anything approximating a 'credit business' on the island. Off and on visits; going back 28 yrs now. True?

Wonder what the usuary rate is in Belize?

Aside: you will rarely see me post - I'm more of a lurk-er.

Coming down for 60 days in the sun, Feb.-Mar.-07.

-Thx

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#201124 - 09/19/06 09:38 PM Re: Money - Debt - Financing
RI Beth Offline
I suspect that most of the folks on the board don't have direct experience with "payday loans". An advance on wages, in the event of an emergency, is probably common as an informal arrangement between an employer and employee.

Personally, I hope that the kind of credit instrument that you are researching never finds its way to the island.

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#201125 - 09/19/06 09:46 PM Re: Money - Debt - Financing
San Pedro Daily Offline
Many of the local markets (like Marina's) extend credit till payday. Bars run tabs, so most payday loan needs are met that way.

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#201126 - 09/19/06 10:45 PM Re: Money - Debt - Financing
RI Beth Offline
Betcha Marina's doesn't charge 200%+ APR either....

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#201127 - 09/19/06 10:51 PM Re: Money - Debt - Financing
San Pedro Daily Offline
No, no interest. Her prices are often the lowest on the island and she must get burned occasionally giving credit...I don't know how she does it.

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#201128 - 09/19/06 10:54 PM Re: Money - Debt - Financing
Anonymous
I'd also be willing to bet she isn't loaning money with the intent of making an unfair profit on the backs of her neighbors...

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#201129 - 09/19/06 10:58 PM Re: Money - Debt - Financing
RI Beth Offline
Bingo.

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#201130 - 09/19/06 11:26 PM Re: Money - Debt - Financing
klcman Offline
I'm on the same page as everyone else here.....I still remember growing up in a small town, probably 10% the population of AC. Mom & pop grocery, gas station, hardware, bar, etc....they all ran tabs. Extremely rare for anyone to get stuck and there were NO interest charges. I know - my family owned 2 businesses and I worked in a 3rd. We all took care of one another when needed. Good to know there are e still places like Marina's. I knew there was a reason I liked that store!

Some dated, but probably still valid, info on interest charges, banking etc. in BZ here:
http://www.google.com/search?hl=en&q=usury+rate+belize

http://www.ambergriscaye.com/BzLibrary/trust205.html
_________________________
_ _ _ _ _ _ _________________ _ _ _ _ _ _
But then what do I know, I am but a mere caveman

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#201131 - 09/20/06 12:48 AM Re: Money - Debt - Financing
RI Beth Offline
Another wet blanket for you, Fugazi, is the fact that many (if not most) workers do not hold checking accounts.

No post-dated checks for you to hold onto. Very few electronic payments, certainly nothing comparable to the ACH payments systems in the US.

What a shame.

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#201132 - 09/20/06 02:14 PM Re: Money - Debt - Financing
JZB Offline
I think just about any store on the island will give credit to anyone who lives here. Many workers also get paid on a Monday so they have a chance to pay their bills first before partying the weekend away with their pay. And if an employee needs an advance or loan to pay some medical bills or whatever, the employer usually helps out. That is part of the charm of this place, co-workers and employees and employers are like extended family.

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