Send naked photos, take loan: How Chinese firms use nudes as collateral

Beijing, Jun 15 :  A Chinese money-lending platform followed a scandalous practice of demanding nude photos of women as collateral for loans, media reported here.

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

JD Capital’s Jiedaibao is a platform for individuals toloan and lend which is especially popular between friends andacquaintances.

They often ask female students to pose naked with their IDand use these photos as collateral in their practice.

If a student defaults on the loan, the loaners willthreaten to show the nude photos to her family and friends.

In exchange, the students who agree to send nude photoscan have a higher loan amount, ranging from two to five timesas much, state run Beijing Youth Daily reported.

However, the loan interest rate can be as high as 30 percent a week.

Lin Xiao, an alias for a student from Jiangsu Province,said she wanted to start her small business in February, soshe sent nude photo to loaners and received 120,000 yuan.

However, the debt soared to 250,000 yuan in four months.

She was threatened by the loaners and had to ask familyfor help to pay off her debts, still fearing that thefinanciers will publish her nude photos after they get theirmoney back.

In a number of other cases, when a student cannot pay offtheir loan, the loan agents even asked for sex services, thereport said.

Jiedaibao’s customer service department responded, sayingthat the usury and nude collateral practices are part of aprivate trade deal between users.

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

However, if these scenarios get worse, they urge users tocontact the police.

Zuo Shenggao from Jingshi Law Firm said that nude photosare actually invalid as collateral in terms of laws.

“Nude photos are not property. It is in the category ofreputation rights,” he said.

“If anyone threatens to publish the photos online, theywill violate the clients’ reputation. At the same time, theyare also spreading pornographic material. Both are illegal andthey will commit double offence,” state-run reported.

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