There are some people in China that will do almost anything to get their hands on a new Apple product. One guy even sold his kidney. But if you don’t want to sell a body part, Chinese students have decided to accept some truly horrific loan terms just to buy an iPhone.
The China Daily reports that more than 20,000 college students in the Chinese city of Wuhan have taken out high-interest loans from January 2012 to February 2013 to buy Apple products.
Over the past 12 months, about $25.7 million has been loaned out to the students, and 90% of that credit has gone to buying Apple products. The loans carry an annual interest rate of over 47% over a 12-month loan term.
Even though the loans are horrible, they’re very easy to get according to a Home Credit China spokesman. The entire loan application process only takes a few minutes and students can borrow between $85 to $1,600. Despite the high interest rates, the loans have become a frequent occurrence among students, as Apple products become more popular among the Chinese.