Women in China use nude photos for collateral for loans (must see)




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Hundreds of photos and videos of naked women
used as collateralfor loans on a Chinese online
lending service have leaked onto the web,
highlighting regulatory problems in the fast-
growing peer-to-peer marketplace.
A 10-gigabyte file posted on the internet
exposed the personal details of more than 160
young women who were asked to provide the
explicit material to secure money through online
lending platform Jiedaibao.
Launched by JD Capital in 2015, Jiedaibao
allows lenders to operate anonymously but
requires borrowers to reveal their real names
when making transactions.
Loan amounts and interest rates can be
customised to meet the needs of users — often
people who have a hard time accessing loans
through more traditional financial institutions,
like banks.
Interest on the “nude loans” reached an
astonishing 30 percent a week, according to the
Global Times newspaper.
Lenders told female borrowers that if they failed
to repay the loans, their nude photos would be
sent to their families and friends, whose
information was also required for some
transactions, the article said.
Material in the file put on the web last
Wednesday showed some borrowers also
promised to repay loans with sexual favours,
according to screen captures posted on social
media websites.
In a statement on its official Twitter-like Weibo
account, Jiedaibao said it had tracked down the
accounts of several borrowers through photos
and ID information circulated online and had
frozen the suspected lenders’ accounts.
“The ‘nude loans’ deals were mainly initiated
and completed offline, and Jiedaibao only
played the role of a money transfer platform in
the deals,” the statement said.
The case is not the first time online P2P
businesses have been connected to potentially
embarrassing photos.
In November, Alipay, the payment platform of
Chinese e-commerce giant Alibaba, was
criticised after a set of photos showing female
users in seductive poses was leaked on social
media.
The photos were originally posted in Alipay’s
newly launched social media feature called
Circles, which allows only women to post
photos, and had obscene comments from male
users.
China has nearly 2,600 platforms described as
P2P businesses, according to one industry
estimate, with transactions valued at around
$150 billion last year.
Beijing has been particularly worried about P2P
lending and in August it tightened regulations by
setting a borrowing limit of one million yuan for
individuals.
It also required platforms to supply and verify
the information of both borrowers and lenders,
and provide credit assessment, financial
consulting and conflict resolution services.

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