Would you pledge your soul as collateral for a loan?

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This is bizarre at best but its true. In Latvia there lives a man named Viktor Mirosiichenko who heads a company called Kontora Loan Company. Who is this man and what is so unusual about him? He will make a loan to you if you sign an "agreement" and pledge "your immortal soul" as collateral.

Mr. Mirosiichenko's company employs no debt collectors for those who refuse to pay back the loan, nor will he employ violence against those who don't pay back. Signatures on the agreements show only the first name and do not show any documents.

Reuters news service asked Mr. Mirosiichenko: "if they don't give it back, what can you do"? He said: "they won't have a soul, that's all." Mirosiichenko set out a group of papers on his desk to show that Kontora is a serious loan company.

Latvia has been hardest hit by the financial crisis. Unemployment is rising sharply and banks have cut back on their lending, making it almost impossible for small companies to get a loan

Mr. Mirosiichenko makes small loans of about $500.00 for short periods of 1 to 90 days and is trusting that people will pay back their loans. He said that about 200 people have taken out loans over the first two months his business was in operation.

Would you pledge your soul as collateral for a loan?

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Last updated: February 09, 2010: 05:02 PM

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