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No Collateral But Need A Loan? Your Naked Selfie Will Do Just Fine

over 1 year ago IvyChang

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BEIJING: There is a new and disturbing trend emerging in China. Lenders and/or borrowers have found a way to monetise naked selfies.


The Beijing Youth Daily reports that thousands of women are sending naked photographs of themselves holding their ID cards to peer-to-peer lenders as collateral.


Social media is urging women to protect themselves from wolves who blackmail the borrowers with the nude pictures as the lenders sometimes demand sexual services when the women can't repay the loans, with interest rates that can be as high as 30% a week.


The daily claimed that this practice was an "open secret".


“An investigation by Beijing Youth Daily shows that in some money-lending groups, female university students’ ‘naked holding’ has already become an open secret,” it wrote, referring to the practice of women photographing themselves naked holding their ID card as a guarantee of repayment.


“With ‘naked holding’ they can get two to five times the amount of money, but when they can’t repay some have been threatened with publishing the photographs, and some lenders are even demanding the female students provide sexual services,”the daily wrote.


The daily told of one case in which a university student borrowed 500 renminbi from a lender in February to open an online store. At 30% interest on the one-week loan, she quickly needed more money to repay the debt and eventually borrowed about 120,000 renminbi from 15 people, and that sum that soon ballooned into 250,000 renminbi.


Eventually, she supplied a nude picture of herself in exchange for a larger loan to try to escape her debt, including personal information such as contact numbers and addresses for family members. When she could not repay, the lender threatened to show the photo to her family and friends, the newspaper reported.


As the circle of debt widened, so did the distribution of the naked photographs, until they were in the hands of three online lenders.


“High interest, ‘naked holding’ and so on are the private actions of users; this company cannot interfere,” Beijing Youth Daily quoted the online lender Jiedaibao as saying in response to the reports of such behaviour among users. “Risks are the borrowers’ responsibility,” it said.


Now, the problem is whether borrowers and lenders around the world will adopt this new collateral.


Pic credit: http://www.ndtv.com/


This article is for informational purposes only and should not be taken as legal advice. Every situation is unique and dependent on the facts (ie, the circumstances surrounding your individual case) so we recommend that you consult a lawyer before considering any further action. All articles have been scrutinized by a practicing lawyer to ensure accuracy.
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