Fast Money aims to remake motorcycle title loan market
Interest rate almost half of current mark
The joint venture between Government Savings Bank (GSB) and SET-listed Srisawad Corporation Plc (SAWAD) has earmarked 20 billion baht for the motorcycle title loan business, offering an interest rate of almost half market rates.
Fast Money Co, of which 49% was acquired by GSB for 1.5 billion baht in November last year from Srisawad, rolled out a low-interest motorcycle title loan product yesterday that offers an interest rate of only 14.99%, or a flat rate of 0.69% a month.
This rate is much lower than the market rate from financial institutions of 24-28% a year.
“The…
