Times are tough for the “little ” guy to get a loan……companies are NOT going to loan money to just anyone anymore.  But there is a new twist to the old money loaning game.

This from Reuters:

Ready to give your soul for a loan in these difficult economic times? In Latvia, where the crisis has raged more than in the rest of the European Union, you can.

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.”

Mirosiichenko said his company would not employ debt collectors to get its money back if people refused to repay, and promised no physical violence. Signatories only have to give their first name and do not show any documents.

Latvia has been the EU nation worst hit by economic crisis.

Unemployment is soaring and banks have sharply reduced their lending, meaning that small companies offering easy loans in small amounts have become more popular.

Mirosiichenko said his company was basically trusting people to repay the small amounts they borrowed, which has so far been up to 250 lats ($500) for between 1 and 90 days at a hefty interest rate.

All I can say is please do not give these parasites any ideas….we already have the “reversed mortgage” thing…..is that not enough?  Maybe we could offer our children as collateral.  (sarcasm, in case there was nay doubt).  Or maybe churches could go into the loan shark business, they seem to have a concern for people’s souls.