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Nightmare Market - New market. Founded Sells a variety of content. Genesis Market - Safe and discrete place to find your favorite products. According to Fu, the use of a naked photo as collateral is not forbidden by law, even if it does raise ethical questions. Were the photo to be leaked, only then would the law be broken. There is no institution for oversight of the online lending industry in China, and many of the existing regulations are vague.

This leaves a large grey area in which lending platforms operate. It's been understood that loan sharks would release these photos and videos to the borrowers' families if they fail to repay the loans on time.

Jiedaibao position itself as a platform where individuals, often friends and acquaintances, can lend or borrow money. The internet finance company issued a statement saying using nude photos as the guarantee had been a private agreement between the lender and the borrower. In June, , similar nude photos were posted for sale on various Chinese internet forums It is not the first time nude photos of female money borrowers had been leaked online in China. Names, dates of birth, address and ID number of the young women could be clearly seen in the photos and videos.

Jiedaibao said in the statement that the company had reported the case to the police. According to the Chinese Criminal Law, a person who 'produces, duplicates, publishes, sells or disseminates pornographic materials' shall be sentences to fixed-term imprisonment of no more than three years.

Millennials in China Are Using Nudes to Secure Loans - VICE

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An increasing number of Chinese university students are sending nude photos as collateral to loan sharks, according to a recent report from the Southern Metropolis Daily. The disturbing report alleges that the lenders often threaten to leak the photos to the public if borrowers fail to repay debts with interest. In some cases, loan sharks have gone as far as threatening sexual violence.