Getting a micro-loan is getting easier—at least in Russia. A new type of ATM is processing and issuing loans in small amounts, Bloomberg reported today. The new machines are produced by a firm backed by billionaire Oleg Boyko, who made his fortune in slot machines.
Right now, there are 20 machines, all based in Moscow. They make loans of up to 15,000 rubles ($241), which must be paid back within 20 days. The interest rate the company charges is high: 2% per day, or 730% annualized.
Russia’s economy is in dire straits, the machines may grow in popularity if the country’s downturn persists. For more, read the full story.