Loans are notoriously hard to get for Chinese college students, and some of them will agree to almost anything for some much needed funds, even providing nude photos of themselves as collateral to unscrupulous loan sharks.
The disgusting practice was brought to national attention when a victim – a university student going by the pseudonym of Li Li – desperately sought help from the police after loan sharks requested that she send them a photo of herself in the nude, holding her ID card. The online loan shark group had granted her a 500 yuan ($76) loan in February with a weekly interest rate of 30%. Unable to pay it back in time, the debt inflated beyond 10,000 yuan in a very short while, and at one point the loan sharks threaten not to renew her loan unless she also provided a nude photo of herself holding her ID, which Li reluctantly agreed to. However, after four months, her debt had inflated to 55,000 yuan, at which point she went to the police asking for help.