Chinese College Girls Targeted by Loan Sharks Demanding Nude Pics, Sex Tapes for Borrowed Money

China could soon crackdown on college campus loan operators that reportedly focus on college girls. In exchange for borrowed money, the victims were required to submit nude pictures and sex videos depicting them in lewd situations, a new report said.

The extorted private photos and clips were used by loan sharks, or lenders that charge excessive interest fees, as pawned items to ensure repayment, Nikkei Asia Review reported. In many cases, the loans went unpaid and the explicit items ended up being leaked on the internet.

There were instances too that students were given extensions or provided additional loans but these came with a heavy price. "Lenders even demanded videos of students masturbating in exchange for extending a deadline or for more loans to repay the original debt," the Nikkei report said.

One case cited was that of college student named Wang Xiaoshu. Harassed by loan sharks for debts that ran for thousands of dollars, Ms. Wang attempted suicide but fortunately survived. "I don't want to live anymore," the report quoted the victim as saying.

Nikkei said campus loan services or xiaoyuandai have been targeting college girls believed to be financially vulnerable and seek them out on social media platforms. In addition to the demanded nude pictures and clips, the victims were also made to surrender to their personal and contact details.

It is assumed that the latter information will be used when collecting debt payment.

The report indicated too that many may have been victimized by the loan sharks, going by the cited research data that said three out of four college students in China were struggling financially. And nearly 40 percent of the young students were deemed to have resorted to borrowing money from the so-called xiaoyuandai despite the risks.

Nikkei said that with no access to traditional and safe lending platforms, many students have been constrained to borrow money from underground providers. Around 50 percent have reported turning to online money lending services in order to finance their daily needs while studying, the report said.

And it appears that Chinese authorities have acknowledged of vulnerable college girls falling prey to loan sharks as a "growing problem." The issue "is expected to be tabled at the National People's Congress due to kick off in March," Nikkei said on its report.