Chinese students use brutal loans to buy Apple products

More than 20,000 college students in the Chinese city of Wuhan have taken out high-interest loans in the past year to buy high-end electronics — mostly Apple products — according to a report. From Jan. 2012 through Feb. 2013, these loans totaled about $25.7 million in value, with about 90 percent of the credit used to buy Apple products, according to a credit manager. The loans, offered by Home Credit China, carry annual interest rates of over 47% on a 12-month-term loan. Despite the high interest rates, the loans are easy to get, and have “encouraged students to embrace the craze for Apple devices.” [via China Daily]

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