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Non Bank Loans less than 100million VND

Hello

Does anyone know what the usual interest rates are on amounts less than 100 million VND?
A relative is being offered a short term loan at 10% a month interest on a loan of 100million VND
It's not from a bank. Was told it's a friend who loans out money to known individuals. Is this the normal rate?.
I'm being asked to help with the interest payments and was wondering if the 10% per month was a realistic figure and not just something that was made up.

Thanks for any info on this matter

I am not sure about loans, but my girlfriend told me she was going to "invest" 50million. Then she told me she will get paid 10% interest per month (5million), if my calculations are correct the annual interest rate is ~123% (no decimals missed). I think it is crazy talk. I am concerned because her brother wants to get her involved.

Now after seeing your post, I am thinking my girlfriend may be "investing" in non-bank loans. I have heard reference about these 10% loans, but I in no way can confirm. Last time I heard about these loans, it was a banker making loans outside the bank and he also requested "personal services" from the girl who wanted to borrow money.

You may want to step back and reevaluate the whole situation. 100million is not that much and usually could be borrowed from friends and family. For someone to go to a loan shark there is probably a reason. I would question what is that reason.

Be careful and best of luck.

Don't get sucked in by such promises of high interest for loans. 

This kind of "informal credit" is common in the provinces, but usually on much smaller amounts (i.e. 200,000- under 5,000,000).  10% is rather high.

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