Innovative loans company Provisa, who specialize in offering short term loans to people living on benefits, have come up with an inventive way to allow new borrowers to secure their debt – on their pet dogs.

So called “doggy loans” of between $50-$200 are offered for a period of up to 1 month, after which the loan (plus interest of approximately 380% apr) must be repaid. Upon issuing the loan, Provisa take the borrowers dog, returning it only when the loan is paid in full (at which point kennelling fees become due). Should the borrower default, their dog becomes the property of Provisa.

Speaking on behalf of Provisa, Ms Abbey Jugglip heralded the launch of this innovative new product, which opens the possibility of borrowing to those poorer people who might have nothing else on which to secure their debt.

“We all know how much people love their pets, they are like part of the family” she said, “And now, like any other member of the family, they have a chance to play a part in contributing to the family finances”.

“Of course, should a dog die whilst a loan is secured upon it, the whole amount becomes repayable immediately. If a loan goes unpaid, we will sell the dog to recoup our money, we’ve arrangements with several universities and a major cosmetics company”.

When asked if they were considering a “kiddy loan” where children could be used as security she refused to comment, although did joke off the record that children might be better than dogs, if their parents defaulted then the child could be put to work in a factory until the debt was paid.