Credit card Company
"Credit card business" means the business of providing credit for the purchase of goods and services including cash advance.
Scope of business
1. A credit card company issues credit card to card holders or consumers, whose income or financial status has met the minimum requirement prescribed by the Bank of Thailand, for the purchase of goods and services. Also, such credit card could be used for cash advance or cash withdrawal.
2. A credit card company may collect interests on unpaid bills, fines on late payment, together with any fees and additional service charges from customers. However, those combined interest, fines, fees and service charges must not exceed 20 % per annum. In addition, the credit card company might calculate the amount charged based on number of days since (1) the advance payment date or (2) the billing date or (3) the payment due date.
Personal Loan Company
The Bank of Thailand supervises Personal Loan Companies that obtain the Supervised Personal Loan Business License from the Ministry of Finance.
“Supervised Personal Loan Business” means the business of granting credit, purchasing bills of exchange, which includes discounting and re-discounting bills of exchange or any negotiable financial instruments from individuals without any specific purpose or with the purpose of buying goods and services for private consumption, but not for running their own business. For example, a loan credit to individuals for purchasing machines or office supplies is not considered as Supervised Personal Loan.
Scope of business
1. Granting personal loans that do not have any asset or property pledged as collateral, including hire purchase and leasing, for goods that the personal loan company does not sell as ordinary course of business, except automobiles and motorcycles.
2. Such personal loan shall exclude loans for education, loans for traveling to work overseas, loans for medical treatment and loan to employee as welfare benefit.