Cambodian women become targets of online loan sharks who demand nude photos as collateral

Hardship from the pandemic has expanded the client pool for online loan sharks who charge illegal interest rates of up to 80 per cent a month.

Online loan sharks are targeting Cambodian women desperate to keep their businesses afloat and families fed, victims say, charging illegal interest rates of up to 80 per cent a month to borrow a few hundred dollars – and then demanding nude images as collateral.

Vanna, a mother of three, lost her savings during the coronavirus pandemic trying to service pre-existing loans she took out to open her restaurant in southern Kampot.

Drowning in debt and with her restaurant closed, the 37-year-old was pulled in by a Facebook ad by ‘Loanly Internet’, which offered her US$50 as a first-time client in a time of crisis.

In full: https://www.scmp.com/week-asia/people/article/3195972/cambodian-women-become-targets-online-loan-sharks-who-demand-nude

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