Loan sharks accept nude photos of women as collateral for their debt and will make it public if money is not repaid
A family was forced to sell their home to pay off their daughter's debt after she handed nude photos of herself to loan sharks.
Xiao Yu went to university and instead of taking a job to pay her and her boyfriend’s expenses, she borrowed money from loan sharks.
Yu of Shanghai, has reportedly borrowed money from 59 different lenders, owing more than 500,000 yuan (around $73,000).
Some of the loans that she borrowed were small, but they had a 30 percent interest rate, which made the bills skyrocket.
Some lenders demand that women give them naked pictures of themselves as a form of collateral to make sure the loans will be paid off.
When Yu failed to pay her debt, the lenders posted her nude photos to the Internet, where it went viral.
Some of the debt collectors harassed her parents, her brother and her friends over the unpaid loans.
They also posted Yu’s personal information on her school's online bulletin board and circulated false stories about her to her classmates, her father said.
Her father said that he began receiving at least 30 phone calls a day from debt collectors. The father, who earns 4,000 yuan ($580) a month as a driver, was unable to pay off the debt.
Sadly, Yu’s parents felt that they had no choice, but to sell their house as they did not want the lenders to force their daughter into prostitution to pay off her debts.