Ready to give your soul for a loan in these difficult economic times? In Latvia, where the crisis has raged more than in the rest of the European Union, you can.
Such a deal is being offered by the Kontora loan company, whose public face is Viktor Mirosiichenko.
Clients have to sign a contract, with the words “Agreement” in bold letters at the top. The client agrees to the collateral, “that is, my immortal soul.”
Mirosiichenko said his company would not employ debt collectors to get its money back if people refused to repay, and promised no physical violence. Signatories only have to give their first name and do not show any documents.
“If they don’t give it back, what can you do? They won’t have a soul, that’s all,” he told Reuters in a basement office, with one desk, a computer and three chairs.
Uh, OK. Maybe that works – if you believe? I think it’s useless for all the right reasons: non-definable collateral, worthless on the open market.