I know Apple products are popular and all, but this is just crazy. According to a report from Beijing, over 18,000 Chinese students have taken out high-interest loans just to be able to get an iPhone or iPad to use on campus. Yeah, seriously.

A total of 20,000 students applied for the student loans and 90% of them chose to buy Apple products with the funds in central China’s Wuhan city. And the kicker — these students are paying interest rates as high as 47% on a 12-month term.

A student at Wuhan University of Science and Technology explained: “Apple products are a common topic or a particular community in campus. I used to feel isolated while they were discussing and playing with iPhone or iPads. I felt embarrassed even to take a look when they were in a heated discussion about a new application.”

Talk about conformism. Loans are great for getting those big things in life, like a house, a car, or even paying for your actual schooling, but to get a loan for an iPhone? Really?

It’s a pretty sad commentary on where we are as a society. We’d also like to direct you to an excellent article penned (keyboarded?) by Mat Honan, titled¬†Please Stop Fighting About Your Smartphone.¬†It kind of fits in with this theme.

You know things are getting out of hand when people are willing to take out loans with 47% interest in order to buy personal electronics.

Image Credit: NPR