Insurance: Loan sharks are demanding nude photos from female borrowers as a guarantee on their loans
PA
Jamie Bullen15 June 2016
Online loan sharks in China are demanding naked photographs from women in an attempt guarantee their cash is repaid.
The Southern Metropolis Daily reported private lenders are asking female borrowers for nude images of themselves as insurance along with their ID cards.
The sharks are warning the images will be made public if payments are not made on time.
One woman told the newspaper she borrowed 500 yuan (£53.50) from an online loan provider with a weekly interest rate of 30 per cent.
She said she kept taking out new loans to pay off old ones and her debt soon soared to 55,000 yuan (£5,885) when the lender demanded a naked picture as a guarantee for new loans.
