Believe it or not, a whopping 18,000 college students have taken high-interest loans simply to keep with their friends who mainly use iPhones and iPads on campus. According to the report out of Bejing, Twenty thousand students applied for the student loans and 90% of them chose to buy Apple products with the funds in central China's Wuhan city.
Although the interest rates on these student loans were close to a loan shark's rate at over 47% on a 12 month term, the students still applied for the loans with a minimum down payment to walk away with an Apple product. Paying off the loans is another matter.
A student of Wuhan University of Science and Technology surnamed Yu stated that "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." About half of her classmates and roommates have an iPhone. "I felt embarrassed even to take a look when they were in a heated discussion about a new application," Yu said.
Talk about dedicated Apple fans. Here's a hearty two thumbs up to the students in Wuhan city. Now pay up.