Money for Nothing and Your Pics for Fees

WeLab Ltd., a Hong Kong-based online lender that makes loans in China, looks at what apps people have downloaded, where they go using the phone’s GPS tracker, their social networks and their school records. It offers discounted interest rates for each extra piece of personal information that helps profile customers for credit ratings. Even worse, some student put up naked pictures as embarrassing collateral for their loans. Jeff and Anthony consider what they might give up for the money to get through college, and try to figure out how to work the system in their favor.

WeLab Ltd., a Hong Kong-based online lender that makes loans in China, looks at what apps people have downloaded, where they go using the phone’s GPS tracker, their social networks and their school records. It offers discounted interest rates for each extra piece of personal information that helps profile customers for credit ratings. Even worse, some student put up naked pictures as embarrassing collateral for their loans. Jeff and Anthony consider what they might give up for the money to get through college, and try to figure out how to work the system in their favor.

GET BONUS EPISODES, VIDEO HANGOUTS AND MORE. VISIT: http://patreon.com/wehaveconcerns

Get all your sweet We Have Concerns merch by swinging by http://wehaveconcerns.com/shop

Hey! If you’re enjoying the show, please take a moment to rate/review it on whatever service you use to listen. Here’s the iTunes link: http://bit.ly/wehaveconcerns And here’s the Stitcher link: http://bit.ly/stitcherwhc

Jeff on Twitter: http://twitter.com/jeffcannata Anthony on Twitter: http://twitter.com/acarboni

Today’s story was sent in by Ian Clasbey: http://www.bloomberg.com/news/articles/2016-06-21/phone-tracking-nude-selfies-see-chinese-bare-all-for-credit

If you’ve seen a story you think belongs on the show, send it to wehaveconcernsshow@gmail.com or leave it on the subreddit:http://reddit.com/r/wehaveconcerns

Do NOT join our secret society. You’ll just wind up with a bunch of cool stuff. It’s gross.