asioso find: Fintech in a different way - nude photos as security for a loan

On the Internet you will always come across curiosities. This time we found a strange business practice in China.

The cost of studying in China is very high. Students who are short of money can't get a loan easily. Dubious lenders take advantage of this situation and offer loans, especially to young Chinese students, which are tied to certain conditions. In order to get an unbureaucratic loan, the young women have to deposit naked photos as security on which they show their identity card. In addition, they should also leave contact details of friends and family.

The loan sharks offer the female students a much higher credit line than reputable financial institutions. For this loan, however, they charge interest of up to 30 percent per week. As soon as the borrowers do not pay back their loan on time, they are blackmailed. The lenders threaten to send the nude photos to family members and friends or even publish them on the Internet.

Several Chinese media have reported on these business practices. This was followed by numerous discussions on the Internet.