03 Dec Chinese Loan Companies Use Nudes Selfies as Collateral
Loan companies in China are now reportedly asking young people in need of quick funds to send nude selfies as collateral.
The nudes are then leaked if the borrower does not pay on time. Some are even asked to pay off their loans in return for sex. The companies also charge hefty interests which force borrowers to send more nude pictures and videos.
China Daily reported that in 2016, a total of 10 GB of nudes from 161 women, aged between 19 to 23, were leaked online by lenders. However, China’s financial regulators had already vowed last year to go after ‘unlicensed microlenders’.
Source: Times Now