One report was about a college student in Zhengzhou, Central China's Henan province, who borrowed 8,000 yuan ($1,214) at first but had to repay about 80,000 yuan in accumulated debt and interest after just six months through a series of repayment borrowings. He finally committed suicide as he couldn't pay.
Some lenders even force college students to take nude photos with their identity cards as "receipts" for the loans, and threaten to make them public if they don't pay up.
Third-party internet finance platforms always attract college students, who are willing to borrow despite the high interest. They can easily get loans a few hours after providing some simple personal information like their identification numbers, college information and family information through the apps of the loan providers.
However, once the students fail to pay what they owe on time, they are often forced to promote such loans to their friends and classmates, which forms a pyramid scheme.
The Ministry of Education and China Banking Regulatory Commission issued an announcement in April that requires stronger supervision of loans to students.
I’ve lived in China for quite a considerable time including my graduate school years, travelled and worked in a few cities and still choose my destination taking into consideration the density of smog or PM2.5 particulate matter in the region.
Copyright 1995 - . All rights reserved. The content (including but not limited to text, photo, multimedia information, etc) published in this site belongs to China Daily Information Co (CDIC). Without written authorization from CDIC, such content shall not be republished or used in any form. Note: Browsers with 1024*768 or higher resolution are suggested for this site.
License for publishing multimedia online 0108263 Registration Number: 130349 
