Latvian Company Accepts Your Soul As Loan Collateral

Ready to give your soul for a loan in 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, run by 34-year-old Viktor Mirosiichenko.

Clients have to sign a contract, in which they agree to the invaluable collateral worded, "that is, my immortal soul."

Mirosiichenko says his company does not plan to employ debt collectors to get its money back if people refused to repay, and promised no physical violence.

"If they don't give it back, what can you do? They won't have a soul, that's all," he tells Reuters from his a basement office.

Signatories only have to give their first name and don't need to show any documents.

Mirosiichenko says is company was basically trusting people to repay the small amounts they borrowed, which has so far been up to 250 lats ($500) for between 1 and 90 days at a hefty interest rate.

He says about 200 people had taken out loans over the two months the business has been in operation.

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