Chinese Loan Sharks Demanded Nude Photos Of Young Female Borrowers

June 17, 2016 in Daily Bulletin

Business Insider wrote about an unconventional form of collateral:

  • Young women seeking loans were being asked to provide nude photos of themselves, along with photo ID.
  • If they fail to repay the loan, the lenders threaten to publish those photos on the internet.
  • They may also ask for the contact details of family members or roommates so that they can credibly threaten to send the photos to people the defaulting borrower knows.
  • Fortunately, it seems like the practice has been suspended ever since it has come to light.

Read more here.

Source: Business Insider