Chinese Loan sharks post students’ nude photos online after they fail to pay their debt

Chinese Loan sharks post students’ nude photos online after they fail to pay their debt, by Express.

The victims are claimed to have sent the shots to the financing company as a form of “IOU” to borrow money.

One of the girls – only named as Li – told Chinese media how she borrowed just 500 RMB (£53) from the online financing company in order to start a small business back in February this year.

The creditors asked no questions about what she wanted to do with the money, and they gave only one condition: she was to send nude photos of herself holding her identification card as acknowledgement of her debt.

If her debt was not repaid within the specified time limit, the creditors threatened to publish the photos online and send them to her parents.

Li claims that she was unable to repay the money in time, and with a weekly interest rate of 30 percent, Li’s 500 RMB loan snowballed and she ended up owing as much as 55,000 RMB (£5,884).

Having failed to meet her creditors’ demands, the photos eventually ended up online. Li’s parents also received messages showing their daughter in the nude, holding her ID card as proof of her identity.