A recent alarming trend in China involves female college students sending nudes. Not to their boyfriends, but to internet lenders.
When snapping the selfies, the girls hold up their ID card so that their information is captured in the shot. The nudes are then sent to potential internet lenders as collateral.
The ‘naked loan’ trend received backlash from social media when pictures of students were leaked last month.
According to the state-run Beijing Youth Daily, the scheme takes place on a popular online peer-to-peer site called Jiedaibao. The practice is actually an open secret on local internet finance sites, the newspaper reported. And, the unconventional business transaction has been raging across local universities for quite some time now.
The girls are granted a higher loan amount – two to five times the normal sum if they provide a nude selfie. They are required to show their face in the photographs to be eligible to apply for the quick loans.
“Those who are willing to provide a nude collateral can borrow up to RMB5,000 (approx. AUS$1,000), but, the amount can go up to RMB10,000 ( approx. AUS$2,000) if they show great potential.” the Chinese state media reported. “Great potential, meaning – a clean background, a good repayment track records, and a pretty face.”
The students are given two months to pay off the debt before their naked pictures are released online. But with an interest rate as high as 30% a week, the amount the girls have to repay is usually far greater than the amount that they originally borrowed.
Some of the female students are forced to submit explicit photos or provide sexual services to shady lenders if they fail to repay the debt on time.
“Message me if you want to see naked pictures, detailed information of the girls are provided,” read one of the messages on social networking site called Qzone. Thus, suggesting that these creditors may be leaking the naked selfies to a third-party.