Naked loan services for Chinese students

So far we have seen different types of student loan services or students work part-time to meet their educational expenses. But, here is the completely different pathetic situation with the poor Chinese students, who can't afford money for their college tuitions, daily expenses. Taking Advantage of this vulnerable situation, Chinese e-commerce startups are now offering 'Naked loan services' to the students who are looking for extra income to meet their expenses. 

According to the report, many students are relying on this loan service in the country. Several online lenders are taking advantage of these students desperate for funds, the lenders give money by demanding their naked selfies as a form of collateral. In case the students failed to repay the loan in time, the lenders use these naked pictures to threaten to leak to their family members and friends.

This naked loan service has become a new business trend in China. where lenders charge high-interest rates on the actual loan amount and make a trape for students to send more nude pictures. 

Now, this naked loan service in China has reached to such as extent that, last year, the Chinese financial regulators vowed to crack down all unlicensed micro-lenders.

In 2016, more than 161 young women, who have shared their naked selfies with these lenders, are now being trapped in the vicious racket, reports the state media outlet China Youth Daily.

Although the country introduced new regulations and banned unlicensed micro-lenders and organizations from conducting any lending business. But, still, this industry is thriving through social media.

However, this Chinese naked loan service culture has not reached India yet. The services like SimplPay and LazyPay are the alarming bells.