China has found a way to revolutionize the way young people do business. Through a system known as a microloan, young millennials in China have the ability to take out loans for anything they can’t pay for in cash.
This includes everything from cookies to jacuzzi’s and the monthly repayment installments can be as low as 40 cents (depending on what was purchased).
Never mind the fact that it may take 60 years to pay most of the loans off, and never mind the fact that the interest is outlandish and that the loan companies require nude photos as collateral. Wait…what? That’s right!
According to China Youth Daily, some lenders are taking full advantage of the desperation of young shoppers by demanding naked selfies that will be sent to the borrowers family and friends if they default on the loan. Yikes!
It’s a new day!
Social media has elevated this “naked loan service” to astronomical levels by making the loan service easily and readily available to any young person (18-years or older) who can’t get a credit card and who is deficient in the cash department.
You got that right… if customers take a photo of themselves naked while holding up their identification, they will guarantee their loan…even if it’s for just enough money to buy a burger.
Most of the young people who have defaulted on their loans found that they had to record themselves in sexual acts to get the favor of extending their loan. This problem is so common that the Chinese government had to create a multi-ministry task force to help deal with the predatory lenders.
Will American millennials follow this example?
There was a time when one could easily say that there are certain things that American’s just won’t do for the sake of money. Those days are actually gone. Millennials in America are already wondering how they can get access to this loan service, according to Reuters.
American millennials with bad credit, no jobs, no credit cards, and no hope are finding themselves more desperate than ever, and they are more than willing to take it all off for the sake of securing a small loan.
“What’s the big deal,” said one hopeful 20-something who said he would use the money to invest. “If the money is used for something that can make more money, and you pay it off, you wouldn’t have to worry about anyone ever seeing your naked photos,” he continued. This is the attitude that is growing throughout the nation, which makes it even more difficult for governments to crack down on these types of dodgy lenders.
What can we do to stop this?
Attempting to stop technological mishaps is like attempting to stop progress. Unfortunately, the moment young adults find something that works for them (at least in their mind) they run full force without considering the implications.
Just take a look at how many young adults (as well as a few of the older ones) are dumb enough to place naked photos of themselves on their social media pages. They are doing this for mere “likes” so imagine if they had the opportunity to do it for money!
Keeping an eye on legislation that attempts to ward off these types of threats is one way to assist in the fight to keep it at bay in America. We can also continue to support our young adults by remaining aware of the danger of predatory lending and how it can easily get out of hand.
If we keep a watchful eye, we just may eliminate any opportunity for this to become a reality in America…but then again, for all we know…it’s already here.