01/07/2017

Naked Selfies Utilized As Security For Chinese Loans

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Hundreds of photos and videos of naked females used as collateral for loans on a Chinese online financing service have leaked onto the web, highlighting regulative issues in the fast-growing peer-to-peer marketplace.A 10-gigabyte file posted on the web exposed the personal details of more than 160 young ladies who were asked to provide the specific product to protect loan through online financing platform Jiedaibao.Launched by JD Capital in 2015, Jiedaibao permits lending institutions to run anonymously however requires debtors to expose their real names when making transactions.Loan amounts and rates of interest can be personalized to fulfill the needs of users– frequently individuals who have a tough time accessing loans through more conventional financial institutionsbanks, like banks.Interest on the nude loans reached an amazing 30 percent a week, inning accordance with the Global Times newspaper.Lenders told female debtors that if they stopped workingcannot repay the loans, their nude images would be sent out to their families and friends, whose information was also

required for some transactions, the short article said.Material in the file placed on the web last Wednesday showed some debtors likewise assured to pay back loans with sexual favours, according to screen captures posted on social networks websites.In a declaration on its main Twitter-like Weibo account, Jiedaibao said it had actually tracked down the accounts of numerous borrowers through pictures and ID info flowed online and had actually frozen the presumed loan providers accounts.The nude loans offers were mainly started and finished offline, and Jiedaibao just played the function of a cash transfer platform in the offers, the declaration said.The case is not the first time online P2P companies have been linked to possibly 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 sexy positions was dripped on social media.The pictures were initially posted in Alipays

newly launched social networks function called Circles, which enables just females to post images, and had obscene comments from male users.China has almost 2,600 platforms described as P2P businesses, according to one industry quote, with transactions valued at around$150 billion last year.Beijing has been particularly stressedfretted about P2P lending and in August it tightened up policies by setting a borrowing limitation of one million yuan for individuals.It also required platforms to supply and validate the info of both debtors and loan providers, and offer credit assessment, financial consulting and dispute resolution services.


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