Chinese loan sharks are demanding nude photos of female borrowers as collateral‚ according to a report.

The Guardian reports that some female college students have agreed to send photos of themselves naked‚ holding their identification cards to potential lenders.

The lenders then offer them two to five times the normal sum‚ with the understanding that if the students don’t repay the loans‚ often taken at usurious interest rates‚ in time the pictures will be published online.

The Guardian reports that state media says the loan scheme is on JD Capital’s Jiedaibao website – a platform where people can lend or borrow money after striking their own arrangements.

A spokesman for Jiedaibao told The Guardian that the company would work with police to investigate the practice.

“This kind of naked loan is actually taking advantage of the online platform to operate an illegal usurious offline business‚” the spokesman said.

— TMG Digital