Luxury handbag-backed lending  AUG 19 2013

A Hong Kong lending company accepts luxury handbags as collateral for loans.

Yes Lady provides a loan within half an hour at 80% of the bag's value -- as long as it is from Gucci, Chanel, Hermès or Louis Vuitton. Occasionally, a Prada purse will do the trick. Secondhand classic purses and special-edition handbags often retain much of their retail prices.

A customer gets her bag back by repaying the loan at 4% monthly interest within four months. Yes Lady says almost all its clients quickly pay off their loans and reclaim their bags.

The company recently lent about US$20,600 in exchange for a Hermès Birkin bag, but Yes Lady's purse-backed loans start at about US$200.

(via marginal revolution)

Read more posts on kottke.org about:
fashion   finance   Hong Kong

this is kottke.org

   Front page
   About + contact
   Site archives

You can follow kottke.org on Twitter, Facebook, Tumblr, Feedly, or RSS.

Ad from The Deck

We Work Remotely

 

Enginehosting

Hosting provided EngineHosting