: Young borrowers who fail to repay their debt risk having their pics uploaded online and sent to their parents, according to Global Times China. After news of this shameful form of collateral went viral on the interwebs, Xinhua News Agency conducted an investigation. According to reports, girls who wish to borrow money from some online lending platforms must now provide as collateral a naked pic while holding their ID card. Visiting university campuses around China, they found numerous advertisements from such unauthorized lending agencies. As a female college student myself, I can attest that today students lack self-responsibility when it comes to personal finances and tend not to have much awareness of the world of high-interest loans. Many nude pics of borrowers who failed to meet the terms of their illicit loans can already be found online, proving that these loan sharks mean serious business.
(news.financializer.com). As
reported in the news.
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