BEIJING (Web Desk) – Web-based loan sharks in China have been demanding naked photos from female borrowers as a way of guaranteeing that they pay back their loans on time.
According to the state-run Southern Metropolis Daily, private lenders are asking female borrowers to send nude photos of themselves along with their ID cards, warning that the photos will be made public if payments are not made on time.
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One of the borrowers told the newspaper that she first borrowed 500 yuan ($76) from an online loan provider with a weekly interest rate of 30 per cent.
She kept taking out news loans to pay off old ones, and her debt snowballed to 55,000 yuan ($8,347). Then the lender demanded a nude photo of her as a guarantee for new loans.
