Naked truth about online loans for students
Print Edition
LOAN sharks have found an unconventional way of guaranteeing loans — demanding naked photos from cash-strapped college students.
Private online lenders are asking young women to send nude photos of themselves as a form of collateral, along with copies of their ID cards, according to the Southern Metropolis Daily. They say the photos will be made public if payments are not made on time.
One student told the newspaper she first borrowed 500 yuan (US$76) at a weekly interest rate of 30 percent. She then kept taking out new loans to pay off the old ones, and her debt snowballed to 55,000 yuan. That was when the lender demanded a nude photo as a guarantee for new loans.
She told the newspaper that many of her female classmates had been swept into the scheme but were unwilling to speak up.
She was planning to report the incident to police, the newspaper said.
Posing as a potential client, a reporter was able to get evidence of loan sharks demanding naked photos by joining online chat groups frequented by lenders.
Loan sharks also demanded personal information from borrowers, including phone numbers, ID numbers, home addresses, parents’ names, contacts for roommates and student registration information, which the lenders also threatened to make public should the borrower default, the report said.
However, following publication of the story, the loan sharks had suspended the practice, the newspaper claimed in a follow-up article.
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