Until your school is finished, you don’t have to worry about paying your school fees because your parents would take care of it. But as soon as you finish your school and go out for college and university life takes you in a different lane and it is not a pretty sight.
Send a Nude Selfie and Get Loan Money. Your Nude Photo is a Collateral.
A really shocking trend is going on in China. Students who want to study further but have no money to pay for the college fees can now get the loan by taking a nude selfie and giving it to the lender. How weird it can get? Chinese daily Southern Metropolis Daily reported female university students are asked to submit their nude photos as a form of collateral to get loan money they asked for. If by chance those students don’t pay the money back their nude photos go online and to their parents making a huge public shame.
One student has filed a complaint when she was threatened by the loan sharks to repay the money otherwise they would post her nude photos online. She first burrowed 500 yuan which is around $76. But unfortunately for her the money has snowballed to 55,000 yuan which is roughly $8,347. She needs to pay that money otherwise her nude photo goes online and sent to her parents. Police are now into this case as they are investigating with this matter and looking for solid evidence.
According to the Southern Metropolis Daily the loan money amounts from 500 yuan to 5000 with whooping 30% weekly interest rate. The normal interest from banks is around 24% annual.
Why these students are doing this? This is because unlike other banks in the world, students cannot process loans from banks easily or for startups business because the government are not so supportive about this.