A group of corrupt money lenders in China are under fire for taking advantage of female college students, Guardian reports.
Some desperate-for-cash young women are exchanging nude photos of themselves holding their student identification cards for financial loans which are two to five times higher than normal loan amounts.
If the women engaging in this predatory lending scheme are late on their payments, the photos will be posted online. The loan-for-porn scheme is being conducted on a website meant for public exchanges of money.
The loans, dubbed “naked loans” by state-run Chinese media, have sparked internet outrage.
According to Beijing Youth Daily, the scheme is being run on J.D. Capital’s Jeidaibo website, which is like a Craigslist for loaning or borrowing money in which users can make arrangements on their own terms.
Whether or not these loan sharks will be brought to justice is questionable, given the unclear message from Jeidaibo communications staff.
While a spokesperson from Jiedaibo reportedly told Beijing Youth Daily that the corporation had no control over any “private trade deal” that was made on the site, the company changed its tune when approached by Guardian.
A spokesman for Jeidaibo told Guardian on Wednesday that the company “condemned the naked loans.” He said, “This kind of naked loan is actually taking advantage of the online platform to operate an illegal usurious offline business.”
Photo credit: Reuters