In some cases, students are borrowing more money to repay outstanding loans, resulting in increased compound interest.

This was the case for Lin Lin, who bought an iPhone 6s with an installment loan and has 4,000 yuan yet to repay, putting a huge strain on her weekly budget.

"College students are a special group," said Fu Jian, a lawyer from Henan province. "They are immature when it comes to money management and budgeting."

Li Yuansheng, the professor from Fujian, concurred. "They need to understand that loans should only be used for smaller purchases, or else they will struggle."

As for the websites that offer these loans, there are calls that the terms and conditions should be made clearer.

"The websites should be more aware of their social responsibility, rather than encouraging irrational spending," Kang Jun suggested, referring to the fact that the platforms have made it too easy for students to register and get money.

"They should also consider expanding their interest rates based on the customers they target, especially college students," he added.

In addition, universities and parents have been encouraged to teach students better spending habits.

"At the end of the day, parents should talk with their children and prevent unnecessary loans from happening," Fu Jian stressed.

"What students truly rely on are their families and schools, not loans."