Loans have become a big business in the country and a few companies are asking their customers to send nude selfies as collateral, reported Vice Australia. According to reports, online vendors in China who are aware that young people are in need of quick funds, demand nude selfies as collateral from their clients. And if loans are not paid in time, the companies blackmail and threaten their clients by saying they will leak the photographs online. Many individuals were asked to pay off their loans in return for sex. The companies also charge hefty interests on the loan, thus forcing the borrowers to send more nude pictures and videos. Now, new rules and regulations have been introduced that ban unlicensed organistatons from conducting lending business, according to local media.
Chinese Girl Poses Nude For A Loan
loan videos - privatespa.info
Some students in China are increasingly attracted toward making fast cash, often jeopardizing their privacy and falling prey to extortion. Earlier this week, photos and videos of dozens of women from southwest and northeast China indulging in intimate acts for cash have been exposed online. Personal information of some 40 women, including naked photos and videos of them masturbating, were leaked on the Internet. However, the women were told that their videos would only be held as collateral until they repaid the loan with interest, which were as high as 20 percent. Many women said they used the money to buy cameras, phones, clothes and cosmetics, according to a report from Vice China.
Naked Loan: a Loan-for-Porn Scheme Went Viral in China
A suspect who allegedly offered student loans in exchange for nude photos was arrested by police in Gansu province in January. Authorities said the man, surnamed Yang, had been preying on young women who were in need of money for college and other expenses, seeking his victims through social media, and that he had been doing this activity for many years. Female students were ordered to disrobe and hold up their personal identification cards for photos before they were provided with high-interest student loans. Yang was arrested after a victim reported her case to the police.
Microloan systems have revolutionised the way we shop. Desperate for the latest, very slightly updated iPhone? Sign up for a month-to-month plan and break that price tag down into manageable morsels. Always wanted a jacuzzi but too cash poor to front up for it?