Beijing: In a strange and weird matter came into limelight from China where Millennials females were simply offered loans for just sending their nude selfies and in return companies giving them huge amount of Chinese money.
As we all know that with rapid growth of technology, one would think securing loans must be easy now. Just fill a form online/offline and little formalities here and there? No.
In a rather strange development, few loan companies in China are resorting to appalling methods to give loans to youngsters. They have been offering ‘naked loan services’, in which loans/funds can be acquired by providing nude selfies as collateral.
According to reports, few loan companies and e-commerce websites, which are aware that youngsters are in need of quick funds, demand nude selfies as collateral from their clients.
What’s scarier is that if the loans aren’t paid on time, the companies blackmail them by threatening to leak the photographs online, and many are reportedly asked to pay off their loans in return for sex.
Young females clicking nude selfies to avail loans in this country:
The companies also charged hefty interests on loans, which eventually forced the borrowers to send more nudes. This problem became so rampant that China’s financial regulators, last year, promised to crack down on ‘unlicensed microlenders’.
Since then, they have introduced rules, which forbid unlicensed organizations and individuals from conducting a lending business or giving loans to borrowers who have no source of income.
“Amid the rapid development of cash loans-while they have played a role in meeting the normal credit needs of some groups-problems like over-lending, repeat borrowing, improper collection, abnormally high interest rates, and privacy violations have become prominent,” they said.
Sadly, local reports suggest the problem is still prevalent deeply on social media. A multi-ministry group, tasked by Central Government, was also formed for the same. China, where the cost of living is high and chances to secure a credit card is quite low, the ‘naked loan services’ have opened up big opportunities for young adults.
However, it’s astounding to see how easily the youngsters gave in and are now caught in its dark side.
