Chinese Innovation: Nude Photos as P2P Loan Collateral

“One of the main issues that face new peer-to-peer or crowd lending platforms is how to create trust among potential lenders that the borrowers will actually pay out. Well startups, worry no more, Chinese loan sharks have solved the problem!

According to reports from China, online lenders are demanding that female clients send them naked photos of themselves in order to get access to loans. The idea being that in case of a failure to repay the debt, the lenders will publish the images on social media as a threat that will keep the borrowers in line.”

Full Article from Finance Magnates