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]
Chinese students use brutal loans to buy Apple products
By Phil Dzikiy
Phil Dzikiy
Phil Dzikiy was the Editor-in-Cheif at iLounge. He mostly edited and oversaw all site editorial content, managed staff and freelancers, made the final call on product review grades and awards, and led online coverage of all Apple events and live coverage of the International CES in 2015.