Think Our Banks Are Messed Up?

[allah_sulu]

MosNews.com - A financial company in Latvia is offering residents loans secured by nothing but their immortal soul. Riga-based firm, named Kontora, does not require credit history record or 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 a very short agreement. According to the

Comments

[larryv]

Souls aside, 1% per day for 90 days is incredibly predatory.

[allah_sulu]

Assuming compound interest (naturally), a $1000 loan with 1% interest per day for 90 days comes to a total of $2448.63 - that's loan shark territory (except that loan sharks take kneecaps, not souls, as collateral).

[allah_sulu]

50 to 500 Latvian lats ($100 to $1,000)

Those are USD in parentheses.

You Will Pay The Interest That Doctor Doom Demands!

[allah_sulu]

Whenever I see a story about Latvia, my first thought is "Latveria?"

[bmajors]

The soul thing is clearly just a gimmick to get people to take out loans with high interest rates.

Presumably, not paying back the loan would hurt your credit score, etc just like any other "regular" loan.

Incidentally, my soul is for sale. Name your price.

[allah_sulu]

Incidentally, my soul is for sale. Name your price.

Coincidentally, I have a soul purchase contract here somewhere.

[bmajors]

hmmm....

"The party of the first part gives the party of the second part full power to do with him at their pleasure, to rule, send, fetch or carry him or his, be it either body, soul, flesh or blood."

What does that mean?

[allah_sulu]

"Oh, that's a transportation clause."

The one I've got is based on this.

EDIT: I probably should work in some of the terminology from POTP, though, just for fun. "Oh, that's to protect you!"