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Published on December 8, 2007

The advertisement said: "24 hrs. Quick cash, loans up to 4 times the amount of any hire-purchase cards. 0xxxxxxxxx K Lek."

The first question "Khun Lek" asked our reporter was what cards she held and whether she had a credit card or hire-purchase card.

Our reporter said she had a gold credit card but not a hire-purchase card and she needed Bt50,000 in cash quickly.

Khun Lek said she would qualify for the loan with a credit card and an ID card, and she could get the money within an hour.

He asked about her occupation and her company, where she lived and where would be a convenient place for her to meet his associate.

The reporter said she was in Samut Prakan. Khun Lek said he had branches at Big C, Seacon Square and Fashion Island.

She said she did not want an electronic appliance, only money. Hire purchase is usually for electronic appliances, computers, musical instruments, sporting equipment, mobile phones and motorcycles.

Khun Lek said she would not receive any electronic appliance. All she had to do was apply for a hire-purchase card such as Aeon, Easy Buy or Power Buy. When she used her card to buy a product, she could get money instead.

Such quick cash is provided through an agreement between the hire-purchase or credit-card holder and the shop that accepts the card. The customer's card is charged for an item they do not actually receive.

Instead the shop gives them part of the value of the item in cash after deducting a hefty fee.

The borrower then has also to repay the card company for the amount charged to the card and the interest thereon.

Khun Lek explained to our reporter that if she used the card to buy a product valued at Bt10,000, she would receive Bt7,600. The remaining Bt2,400 would be deducted by Khun Lek and the woman had to return money as if she had got a Bt10,000 loan from Aeon, Easy Buy or Power Buy, according to the card she used.

He said if she could meet him she could get the money within an hour.

The reporter then asked if she needed to provide any more documentation. He said no.

"Khun Lek" was just one of many lenders advertising in the tabloid. Another ad read: "Quick cash. No statement or financial-history check. 0.4-per-cent interest. Easiest loan. Cash available in 10 minutes. D-CASH, no agent, no need to buy products."

The Nation