Female university students wanting loan are asked by online Chinese loan sharks to submit their naked pictures as guarantees.
Called ‘nude loans’, the loan companies use online social media platforms such as qq.com, and claim the pictures would be used as guarantees to ensure the debtors pay on time, according to Daily Mail.
The British tabloid quoting Chinese tabloid, People’s Daily says the so-called ‘nude loans’ phenomenon is reportedly targeted at female university students who are desperate to get their hands on extra cash.
The ‘nude loans’ that attract excessively high interest is mainly carried out via social media.
The companies will blackmail borrowers who cannot return the money pressuring them by threatening to publish their scantily-clad pictures on the web.
The report says moneylenders shockingly also charge an extra 10 per cent ‘handling fee’ for dealing with the naked images.