Latvian firm accepts souls as guarantee for credits

A financial company in Latvia is offering residents loans secured by nothing but their immortal soul.

The Riga-based firm, named Kontora, does not require as much as a credit history record or a proof of employment. It grants loans of 50 to 500 Latvian lats ($100 to $1,000) to any adult after he or she signs the provided very short agreement.

According to the agreement, the only security provided by the borrower is his immortal soul, which he is asked to confirm as his previously unmortgaged property.

The loan is subject to interest rate of one percent per day until full repayment.

The period of full repayment is 90 days, and in case the borrower fails to return the money, the creditor gets full possession of his soul.