Love of hate Apple products, the fact of the matter is that most people consider them to be trendy and hip products; basically products that you would love to be seen with, although we guess that might depend on which side of the fence you’re on. Anyway it seems that according to a report from Beijing, a whopping number of college students in China, about 18,000 for those who want some numbers, have taken out high-interest loans just so that they can buy iPhones and iPads in order to keep up with their other Apple-toting classmates. The report has revealed that 20,000 students have applied for student loans, and 90% of the loan takers were the ones who opted to use the money for Apple’s products.
So how much interest can these students expect? Well if you thought that your bank charges an exorbitant interest rate, you might be shocked to learn that these students are paying interest rates as high as 47% on a 12-month term! According to a student at the Wuhan University of Science and Technology, “Apple products are a common topic or a particular community in campus. I used to feel isolated while they were discussing and playing with iPhones or iPads […] I felt embarrassed even to take a look when they were in a heated discussion about a new application.” Yikes, talk about peer pressure!