09 Sep '13, 7am

Chanel as collateral: HK firm gives handbag-backed loans

HONG KONG (Reuters) - In designer-obsessed Hong Kong , keeping up appearances can be hard on the pocketbook. One company has an answer: cash-strapped shoppers can get money quickly by pawning their Gucci, Chanel, Hermès or Louis Vuitton luxury handbags. Yes Lady Finance , a mortgage brokerage, offers loans within half an hour of up to 50 percent of the new bag's value, giving customers four months to repay at an interest rate of 4 percent. If the client fails to pay back the loan, the bag is sold by the company's retail arm Milan Station Holdings Ltd at one of its second-hand designer stores. But most people repay to retrieve their prized possessions, said Byron Yiu , Yes Lady Finance's chairman and chief executive. "Milan Station buys handbags. We give cash to our clients to buy their items for good. And then we realized many clients attach a sentimental value to their ba...

Full article: http://news.yahoo.com/chanel-collateral-hk-firm-gives-han...

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Chanel as collateral: HK firm gives handbag-bac...

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Chanel as collateral: HK firm gives handbag-backed loans: HONG KONG (Reuters) - In designer-obsessed Hong Kong...

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By Stefanie McIntyre HONG KONG | Mon Sep 9, 2013 9:57pm EDT HONG KONG (Reuters) - In designer-obsessed Hong Kong, keeping ...

Chanel as collateral: Hong Kong firm gives hand...

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Chanel as collateral: Hong Kong firm gives hand...

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