“From the start of January 2012 to the end of February 2013, the students have applied for loans with a total value of 160 million yuan ($25.76 million) from Home Credit China (HC China), a subsidiary of international investment business PPF Group,” Xinhua reports. “With around 1 million students in Wuhan, it means about one in 50 of them are shouldering HC China’s heavy annual interest rates of up to 47.12 percent on a 12-month-term loan.”
Xinhua reports, “About 90 percent of the credit was used to buy Apple products, such as iPhones and iPads, and other high-end electronic products, Liu Mingwei, Wuhan regional manager with HC China, on Wednesday.”
Read more in the full article here.
MacDailyNews Take: It’d be nice if Apple, having created such a deep desire for their products, could figure out a way to make more reasonable loan terms available to students in China.
[Thanks to MacDailyNews Readers “Fred Mertz” and “Dan K.” for the heads up.]