Got a wardrobe full of Chanel, Prada, Gucci and Louis Vuitton handbags but, with the down economy, find yourself strapped for cash? Well, Hong Kong’s latest money-lending business, Yes Lady Finance, is here to help.
Here’s how it works. Bring your finest designer totes, and Yes Lady Finance will lend you 70 percent of the bag’s value. Interest is as low as 28 percent a year–that’s less than what pawnbrokers typically charge (42 percent a year) and way below the maximum legal interest rate (60 percent a year). You’ve got three months to pay back the loan, otherwise your cute clutch is forfeited.
The company was spawned by Wallace Tung Wai-wa and Byron Yiu Kwan-tat, the owner of Milan Station, Hong Kong’s largest second-hand handbag chain.
I suppose that pretty Chanel purse is kind of useless if you’ve got no money to put in it, huh.
