Chinese loan sharks seek salacious selfies as collateral

Loan sharks in China are reportedly accepting nude selfies as collateral, presumably on the basis that the threat of publication is an effective way of ensuring the loan is repaid. The news first emerged in the local Nandu Daily (we think this expose is the story in question) and hit the People's Daily Online here. The …

[Rol]

You can bank it, each day and everyday, until the loan's paid

I suspect absenteeism due to RSI in the securities division has rocketed.

[Red Sceptic]

Monty Python had this sorted 45 years ago ...

https://www.youtube.com/watch?v=khXJqedYRpw

[frank ly]

Re: Monty Python had this sorted 45 years ago ...

I remember watching that and talking about it the next day at school. Is it really 45 years ago?

[Francis Boyle]

Re: Monty Python had this sorted 45 years ago ...

Judging by how absurdly young Michael Palin looks, I'm afraid so.

[Anonymous Coward]

"on a whopping 30 per cent rate of interest per week."

Sound about the same as many of the "legit" ones you see advertised in the UK.

[Fruit and Nutcase]

and 30 per cent per year is better than the indicative rate advertised for some of the well known UK Credit Cards

[Aaiieeee]

Shurely

This is exploitation?

Also, people must be fairly desperate to take this route? I mean I'd do this (presumably) if I had to feed my kids (I don't have any) etc, but not for anything less than that.

Alternatively if someone assigns no value to their image/reputation (or has no friends/family) then they may as well claim the free cash!

[Anonymous Coward]

Re: Shurely

This is exploitation?

It's a payday loan company, it's just a little bit scummier than most of them.

[imanidiot]

Re: Shurely

You'll be hard pressed in china to find anyone that doesn't care about their image/reputation. "Face" is highly important in Chinese society.

[RedCardinal]

Re: Shurely

It's not just their face that people will be seeing :P

[Charles 9]

Re: Shurely

Point is the Far East has probably the highest suicide rate in the civilized world. Death Before Dishonor has a lot to do with that.

[FuzzyWuzzys]

Can't see that ever working in the west, simply trawl through any number of social media sites here and you'll quickly discover some people have no shame about showing off their unsightly bits of flesh for all the world to see!

[Tom 7]

Re: Can't see that ever working

It wouldnt work here - my selfie would probably be one of Jordans pics. I could send on of me but the loan shark would not be able to finish the transaction.

[Stevie]

Bah!

Obvious fake story. Money is superfluous in the worker's paradise. Report for organ reassignment.

[Chris 239]

Re: Bah!

Well that's at least 3 that don't understand sarcasm!

[LaeMing]

Re: Bah!

Or 4 that just didn't find it in the least funny.

[Stevie]

Re: Bah! 4 LaeMing

It wasn't intended to be funny.

[Tikimon]

Possible reverse exploit?

I'll grant you it's a long shot, but this would be a great way to have someone pay YOU to launch your porn career. Get a loan, send explicit selfies, don't repay loan, lots of free "exposure".

Just thinking through the possibilities...

[Yamal Dodgy Data]

Re: Possible reverse exploit?

Or as they say in China..

我会送我的大屁股的照片，以高利贷 , 发生违约 , 我就发财了

The possibilities are endless

[JWLong]

Re: Possible reverse exploit?

I will send my big ass photo , with usury , default occurs , I will be rich