Now you can get a bank loan using your designer handbag as collateral
Yes Lady Finance Co., a Hong Kong loan company, accepts luxury designer handbags.
Looking for a loan but don't have any real estate to put down as collateral? There's no need to fret. Just take a look inside your closet! Yes Lady Finance Co., a loan company based in Hong Kong, accepts luxury designer handbags — from Chanel, Gucci, Hermes, Louis Vuitton and occasionally Prada — as collateral on loans ranging from $200 to as high as $20,000 (for a Birkin). Loan officers work with experts from a luxury second-hand handbag store to assess a bag's authenticity — and will lend the owner up to 80 percent of its estimated valuation.
One client, 30-year-old Maggie Wong, told the Wall Street Journal she uses the loan service when she needs to pay for her child's tuition or daily expenses. She's put up a total of three bags in the last year to borrow $1,290. Another client, Angel Yam, says she received $1,550 for a Chanel handbag — but doesn't care if she defaults on the loan and loses her purse in the process.
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"I have too many idle handbags at home," she told the Journal. "I don't feel any loss when I take some of them as collateral for loans."Of course, the No. 1 question I have is: What happens when someone rocks up with a fake handbag and tries to land a $1,000 quickie? Yes Lady actually has a pretty tactful policy for dealing with counterfeits. "We don't tell them we know, we just say we can't approve the loan." Classy.
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What do you think of the idea of using fashion as collateral? I have a pretty decent collection of archive-worthy Margiela shoes and Comme des Garcons lumpy collection pieces. Anyone want to give me a loan to buy a new apartment? Bueller?
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So just this once, I'm 'trolling' a link to ask for help; I am surrounded by negativity and depression in my life, I don't need any more added on, please. If you don't like this post, then ignore it, move on.
[quote]Another client, Angel Yam, says she received $1,550 for a Chanel handbag — but doesn't care if she defaults on the loan and loses her purse in the process.[/quote]
The age of materialism and apathy continues. Why save your money and buy what you really need, when you can spend it on a frivolous luxury buy of an expensive, disposable, brand name driven accessory that you can later use as collateral for a loan you won't pay back and go into more debt to buy yet another useless, mindless purchase. #ScrewedUpPriorities
Remember, these are the same women who walk around with their noses up as if they are better than everyone because of material items. They'll do ANYTHING to land a man with a (probably borrowed) Range Rover. Ghetto!!!!
Money is not everything. Having it doesn't mean you are cool, smart, or any better than anyone else. So be kind, decent, generous, and caring. Thanks.
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