Now here is an exploitative situation to send you into the weekend with some decidedly bad vibes.
In China, there exists a site affiliated with JD Capital that allows users to loan money to and borrow money from other individuals. The idea is that friends and acquaintances can use the site to loan money to one another in an orderly, controlled way.
That idea, of course, has been corrupted by some loaners who will approve female college students for loans two to five times higher than normal if the young women send them naked photos. The photos — which feature the students’ ID cards — act as “collateral” and will be posted online in the event the loans aren’t repaid, says the Guardian.
Watch The Young Turks‘ Ana Kasparian explain it:
— The Young Turks (@TheYoungTurks) June 17, 2016
Chinese citizens are angry over the scams, which event affect young women looking to open up small businesses, among other things.
“These kinds of loans are like opium. Why does the regulatory authority neglect it?” wondered one online commenter.
The scammers are targeting those who may be young and have little financial experience, and though the website that facilitates the deals was hands-off at first, a spokesperson did tell the Guardian recently that “this kind of naked loan is actually taking advantage of the online platform to operate an illegal usurious offline business.” The spokesperson said that the site is looking into ways to investigate the practice alongside the police.
As far as the real-world effects go in the here and now, Hasan Piker listened to Kasparian’s explanation of the scheme and then mused, “Imagine being so poor that you just want to better yourself, you want to better your family, you want to get a college education and you can’t pay for it so you need to take a loan and then these people take advantage of that by asking you to send a naked photo as collateral… How do you not moderate that?”
Watch the TYT panel talk about the situation above.
[image via screengrab]
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