20,000 Chinese students in debt over pursuit for Apple devices!
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
About 90 percent of the credit was used to buy Apple products, such as iPhones and iPads, and other high-end electronic products, said Li.
Home Credit China provides credit loans in nine, 12 and 15-month terms for college and university students, providing they can present an ID card, bank card and student ID card. Loan amounts range from 540 to 10,000 yuan.
"Quite different from the loan approval process in a bank, HC China passes the credit loan application in as little as dozens of minutes," according to Zhang Zheng, a HC China salesman in Wuhan.
Then, students can take away goods after paying a down payment in HC China's partner stores. The down payments range from 10 to 30 percent of the marked price for each item.
In Wuhan, HC China's list of partner stores cover major electronic products centers and chain stores such as Gome and Sunning. And the easy loans stimulate their sales volume.