A Chinese money-lending platform has been following a scandalous practice of demanding nude photos of women as collateral for loans, local media reported.

A number of female college students were told to send nude photos in exchange for usury loans on an internet lending platform, Beijing Youth Daily reported.

All You Need To Know About Nude Loans



JD Capitals Jiedaibao is a platform for individuals to loan and lend which is especially popular between friends and acquaintances. They often ask female students to pose naked with their ID and use these photos as collateral in their practice. If a student defaults on the loan, the loaners will threaten to show the nude photos to her family and friends. In exchange, the students who agree to send nude photos can have a higher loan amount, ranging from two to five times as much, state-run Beijing Youth Daily reported. However, the loan interest rate can be as high as 30 per cent a week.

Lin Xiao, an alias for a student from Jiangsu Province, said she wanted to start her small business in February, so she sent nude photo to loaners and received 120,000 yuan ($18000). However, the debt soared to 250,000 yuan ($38000) in just four months.

She was threatened by the loaners and had to ask family for help to pay off her debts, still fearing that the financiers will publish her nude photos after they get their money back.

In a number of other cases, when a student could not pay off their loan, loan agents have even asked for sex services, the report said.

Jiedaibaos customer service department said the nude collateral practices are part of a private trade deal between users.

As a result, the company cannot interfere, and assert that users have to shoulder these risks by themselves.

With agency inputs

