Nude photos of women used as collateral for loans in China
Wednesday, December 7th, 2016 1:03:39 by fatimaarshad
Chinese financing has turned very unconventional as explicit photographs of women are used as collateral for loans on a Chinese online lending service. The truth was uncovered when hundreds of photos and videos of naked women were leaked online exposing the details of more than 160 young women who had borrowed money by securing their explicit photos as collateral for loans.
According to the details provided, a 10-gigabyte file was posted online with each and every details of the women whose nude pictures and videos were secured as collateral for loans. The lending platform which was being used for these transactions was Jiedaibao, which is very popular in China for financial transactions.
Launched in 2015 by JD Capital, Jiedaibao allows lenders to operate anonymously but it requires borrowers to reveal their real names while making transactions. Although the use of nude photos was started by users themselves via P2P sharing, they used Jiedaibao for the financial transactions.
According to the details provided, the loan amounts and interest rates can be customized according to the needs of the users, a flexibility which is not provided with traditional borrowing.
Statistics showed that interest on these ‘nude loans’ reached a whopping 30 percent a week, which is far higher than the traditional rates. The lenders also had an additional condition that if the borrowers failed to repay the loans, their nude pictures and videos would be leaked to their families.
While securing the loans, the borrowers also had to provide details of their family members.
Meanwhile in an official statement, Jiedaibao said that it had tracked down the accounts of several borrowers and lenders and frozen them to discourage further transactions.
Short URL: https://www.newspakistan.pk/?p=54210
Posted by fatimaarshad
on Dec 7 2016. Filed under Pakistan.
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