Beijing: Over 20,000 college students have taken high-interest loans to buy fancy electronic products, mostly Apple devices, in central China's Wuhan city.
From the start of January 2012 to the end of February 2013, the students have applied for loans of 160 million yuan ($25.76 million) from Home Credit China (HC China), a subsidiary of international investment business PPF Group, reported Xinhua.
"We have lost touch with about 100 of them, getting no response to calls or letters reminding them about delayed payments," said Liu Mingwei, Wuhan regional manager with HC China, Wednesday.
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.
