“Over 20,000 college students have taken high-interest loans to buy fancy electronic products, mostly Apple devices, in Central China’s Wuhan city,” Xinhua reports.
“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.]