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Sorry but again, this is not the USA, financial services are very regulated in China (similarly as in Europe), they are forced to provide all information in a v
by emteycz 6y ago
Sorry but again, this is not the USA, financial services are very regulated in China (similarly as in Europe), they are forced to provide all information in a very clear and understandable way and structure their products simply. A person that does not understand that is not fit to function in a society as an adult.
There were no regulatory failures nor predatory plays, just bad personal decisions.
- piva00 6y agoI live in Europe, in Sweden more specifically, and there is absolutely no way a financial company could offer a product with a "blackmailing through your nudes" collateral. If it's possible in China then you can't state that financial services are "very regulated in China (similarly in Europe)". And please, don't assume I'm American or that I posted coming from an American perspective.
- emteycz 6y agoYou're right, and I agree that such collateral shouldn't be acceptable, but it is not what I meant. In the 90's European microlenders utilized a complex web of fees, rules and penalizations to grow the debt from few hundreds today's Euros to thousands or dozens of thousands, ans in response the EU regulation of financial services came to be. That is not possible in China, the regulation regarding the structure of the product is very similar to Europe.