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Wednesday, March 21, 2018

Chinese students forced to be photographed naked for collateral for loans

In China, private lenders have developed new practice of granting of borrowed funds to secure their return they force their clients to be photographed naked with documents in hand, according to Financial Times.

Photo: social networks

If a woman does not return the debt issued at high interest rates, lenders are threatened with sending her intimate pictures to parents, friends and employers. In particular, such claims have been brought against lenders by the College students in Guangdong province.

Another edition — Chinese media South Metropolis Daily says that interest rates on credits up to 30% in a week, and the amount that are gaining girl, reach 55 million yuan (550 rubles).

In one of the cases, the most loudly in the press dispersed, and the creditors threatened to publish intimate pictures of the girl, which took credit to itself for an abortion.

Read an interview with a Russian collector.

Media to explain the increase in such shadow market economy, the slowdown of China’s economy: extraordinary measures resorted to by private creditors, which the FT calls the moneylenders. In this publication taken as a “guarantee” of photos they may not be limited to: in the course, as in Russia, are physical threats and even violence have been reported cases of broken legs creditors to debtors.

While this kind of private loans that are not illegal in China, are mostly migrants, whose rights are already not protected by the law enforcement system.

We will add that in the West, loans at ultra-high percentage are called “shark behavior” in most developed countries is prohibited.

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