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Luxury handbag-backed lending

posted by Jason Kottke   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)

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