What is usury? Is usury safe in all situations?

08/12/2023

What is usury?

Poking money is a popular form of black credit lending in Vietnam, especially in big cities like Hanoi and Ho Chi Minh City. This form is often carried out by individuals and organizations without business licenses, operating in the form of "black credit".

The word "borrowing from them" is often used in the North, especially the South and Central regions, this word is understood as borrowing at high interest rates, borrowing quickly. Therefore, this form is not supported by law.

They have the following characteristics:

  • Loan amount: Very diverse from 500 thousand to hundreds of millions of VND for short term loans (usually 7 days or more)
  • Interest rate: Charges very high fees above the legal regulations.
  • How to borrow: Borrowers only need to provide basic identification documents such as identity card/citizen identification card/driver's license and household registration book.
  • Debt repayment method: Borrowers must repay debt daily, each day must pay both principal and interest.
author

Quyen is a creative copywriter with a passion for fintech. a degree from the Ho Chi Minh University of Economics. After graduating from the UEH (Ho Chi Minh Economics of University), she's constantly expanding her knowledge through investment and financial literacy courses, seminars, and conferences. Quyen also has experience in banking and credit. Her articles draw on her background in finance to help readers make informed decisions.

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