Money for old bags
03/11/2009
A Hong Kong financial services provider is offering personal loans to consumers who are willing to submit their luxury handbags as debt security.
The company, Yes Lady Finance, will lend up to 70% of the bag's value at an interest rate of 28%, according to a report in the South China Morning Post.
Owners who fail to pay back their loans on time will lose the bags, but the company’s co-founder, Wallace Tung, said he thought it would provide some of the Special Administrative Region’s high-flying women to overcome short-term cash-flow difficulties without selling bags that may have a high level of sentimental value.
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