The interest rates were sheer hell
Apparently, in Latvia—the EU nation worst hit by economic crisis—there’s no need to provide more than a first name to get a bank loan. No knuckle-draggers will show up at three a.m. to collect the debt, either. The catch? All you need to do is to put up your soul as collateral.
The article reads: Such a deal is being offered by the Kontora loan company, whose public face is Viktor Mirosiichenko, 34. 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.”
It’s enough to make me eyeball my Visa bill with suspicion. Sure, we’ve become a society that likes to play fast and loose with our credit rating, but what’s with the Brothers Grimm lending terms? Maybe we crave the certainty of a time when our word was our bond and breaking it was unthinkable? Or perhaps we’re blasé enough to scoff at dealing with the devil?
What I do find interesting is the number of people willing to sign on the dotted line. He’s got roughly 200 takers in the last two months.