I think we can all agree that this is screwed up: Latvian firm accepts souls

[LehighCowboy]

http://mosnews.com/weird/2009/06/22/soullatvia/

Latvian firm accepts souls as guarantee for credits

22 Jun, 02:58 PM

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 agreement, the only security required of the borrower is their immortal soul, which they are asked to confirm as their previously unmortgaged property.

The loan is subject to one percent per day in interest 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.

 

[LehighCowboy]

Now, here's a moral question for all of you: if a bank offered you a certain amount of money for you to "sell" them your soul, would you do it? lol

 

[theogt]

Yeah, 1% daily is screwed up.

 

[Hostile]

Now, here's a moral question for all of you: if a bank offered you a certain amount of money for you to "sell" them your soul, would you do it? lol

1% per day?

Do the math. These people are going to a different kind of hell.

 

[theogt]

1% per day?

Do the math. These people are going to a different kind of hell.

Maybe it's late and I'm not completely sober, but that seems like approx. 3700% annual interest rate. Or maybe it'd be 3650%. God I hate math.

 

[ShiningStar]

I really dont have a problem with this, it might be a marketing scheme, and dont tell me we dont do them. Plus, lets face it, if you dont believe in religion like myself, what do you have to lose. I'll have a soul banaza if I can get a loan in Latvia and help myself out on a 1 percent per day in interest. Not to shabby if you are getting paid next week. Now i dont know how many people in latvia have enough money to do that deal, but if it gets them through a tough month and they can pay it off quickly, works well. OKay maybe after the math its not so trim. But heck my soul, no problem.

No credit, and no employment history, well thats good to and no fine print either it seems. Wish our banks would start trimming down on the paper work.

 

[Hostile]

Maybe it's late and I'm not completely sober, but that seems like approx. 3700% annual interest rate. Or maybe it'd be 3650%. God I hate math.

It is an obscene amount. Usury is jealous.

 

[Hostile]

I really dont have a problem with this, it might be a marketing scheme, and dont tell me we dont do them. Plus, lets face it, if you dont believe in religion like myself, what do you have to lose. I'll have a soul banaza if I can get a loan in Latvia and help myself out on a 1 percent per day in interest. Not to shabby if you are getting paid next week. Now i dont know how many people in latvia have enough money to do that deal, but if it gets them through a tough month and they can pay it off quickly, works well. OKay maybe after the math its not so trim. But heck my soul, no problem.

No credit, and no employment history, well thats good to and no fine print either it seems. Wish our banks would start trimming down on the paper work.

Are you kidding? 1% per day until paid off?

If you borrow $1000.00 you owe $10.00 on day 1. On day 2 you owe $20.10 if you don't make that $10.00 payment. And so on until it compounds you to death.

Just to pay off the daily interest would cost you $70.00 per week if you handed them 10 dollars every day. That doesn't even touch the principle amount.

You think it's just about believing in your soul? Get real.

 

[theogt]

Are you kidding? 1% per day until paid off?

If you borrow $1000.00 you owe $10.00 on day 1. On day 2 you owe $20.10 if you don't make that $10.00 payment. And so on until it compounds you to death.

Just to pay off the daily interest would cost you $70.00 per week if you handed them 10 dollars every day. That doesn't even touch the principle amount.

You think it's just about believing in your soul? Get real.

In 90 days, it'd be $2448.63.

So it would cost $1448.63 to borrow $1000 for 90 days.

 

[Bob Sacamano]

Now, here's a moral question for all of you: if a bank offered you a certain amount of money for you to "sell" them your soul, would you do it? lol

I'd sell my soul for an obscene amount

while crossing my fingers on my other hand

 

[ShiningStar]

Are you kidding? 1% per day until paid off?

If you borrow $1000.00 you owe $10.00 on day 1. On day 2 you owe $20.10 if you don't make that $10.00 payment. And so on until it compounds you to death.

Just to pay off the daily interest would cost you $70.00 per week if you handed them 10 dollars every day. That doesn't even touch the principle amount.

You think it's just about believing in your soul? Get real.

OKay, maybe I didnt make myself clear, maybe I used english and you were thinking German, maybe comprehension is not either one of our strong suits. But really, did i deserve the rudeness.

Now im going to make my point clear again, slowly this time. Its 90 days before the 1 percent kicks in. Now you dont have to take the 1,000 dollar loan, but because you assumed that, lets go with it.

Now, as i stated, its not to shabby if you get that amount of money with NO CREDIT or EMPLOYMENT history, im sure since everyone lives in Castles like you do, this wouldnt be a problem, but for some people it is.

If it is a tough month and the person has a job, and will get paid, within 90 days they can pay it off if they are alright but just needed some quick cash, even if they do it on the first day, its 10 dollars. I didnt say id recommend going past 1 or 2 days, but clearly, CLEARLY its a quick line of cash for people who need the money and can pay it off quickly, WHICH is probaly its intent.

The big point here, in Latvia , not the USA, is no collateral. You might have missed that. Which means people without a lot of stuff, we call them poor folk, can go to the bank, get a quick loan without signing anything over and get a quick 100 or 300 dollar loan and pay it off in 90 days. Pretty much saying the bank is loaning to fiscally responsible people.

Now i have never lived in Latvia, but maybe the 1000 deal isnt something the bank is expecting and just wants to help some lower class citizen make it through, who knows. I opted with the optimistic view and have to get a

"GET REAL"


So again, maybe there is more than what us folk over here is seeing and maybe, just maybe the bank is trying to help people out and get customers. Its not like its something new.

 

[theogt]

OKay, maybe I didnt make myself clear, maybe I used english and you were thinking German, maybe comprehension is not either one of our strong suits. But really, did i deserve the rudeness.

Now im going to make my point clear again, slowly this time. Its 90 days before the 1 percent kicks in. Now you dont have to take the 1,000 dollar loan, but because you assumed that, lets go with it.

Maybe you should re-read the article, slowly this time. Let your reading comprehension work its magic.

 

[Jon88]

I wouldn't pay the sharks back and let them have my soul. What are they going to do with it?

 

[ShiningStar]

Maybe you should re-read the article, slowly this time. Let your reading comprehension work its magic.

This is what i get for reading late. Thanks Theo.

 

[theogt]

This is what i get for reading late. Thanks Theo.

Oh, sure. It can be pretty hard on the reading comprehension skills at 11:00 am on a Sunday morning.

 

[ShiningStar]

Oh, sure. It can be pretty hard on the reading comprehension skills at 11:00 am on a Sunday morning.

Check my first post and check the attitude at the door.

 

[theogt]

Check my first post and check the attitude at the door.

Check the attitude? Perhaps if you weren't being such I jerk in the first place to Hos I wouldn't have to point out your hilariously stupid mistakes.

 

[ethiostar]

Now now fellas.

It's sunday morning, shouldn't you both be in church.

 

[theogt]

Now now fellas.

It's sunday morning, shouldn't you both be in church.

Maybe if I hadn't mortgaged my soul to a Latvian gypsy. I got a much better interest rate, though.

 

[ShiningStar]

Check the attitude? Perhaps if you weren't being such I jerk in the first place to Hos I wouldn't have to point out your hilariously stupid mistakes.

I thought it read 90 days if so thats not so bad. Since it seems 1 percent per day than that is nutty but maybe its working for them.

Or maybe for paying off the loan sharks.