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Women Are Getting Bank Loans By Using Designer Bags as Collateral It s called a handbag backed loan, and instead of asking for cars and homes, Hong Kong s Yes Lady Finance Co. asks for borrowers designer bags as collateral. READ: Women Burn Up to 15,000 Calories a Year Doing What?! According to the Wall Street Journal, the ugg adirondack tall four year old company accepts bags on the spot (barring they pass an expert s authenticity review) and offers up a loan within 30 men ugg shoes minutes at 80 percent of the bag s original value. The catch? The goods have to be by Gucci, Chanel, Herms, Louis Vuitton, or occasionally Prada. Maggie Wong, 30, told the Journal she uses the service when she needs quick cash to pay for things like daily expenses or her five year old son s tuition. "I don t want to go through all the complicated application procedures in the banks," she said. In the past year, Wong has put up three purses Guccis and Vuittons for a total of$1,290. She paid off the loans (at a four percent monthly interest) and has all the bags back in her possession. What s interesting is as the Journal pointed out the pawn industry primarily targets low income residents, but Yes Lady caters to wealthy residents whose money may be tied up in stock or, clearly, high end designer bags. It sounds like a good idea to us: After all, a solid collection of designer handbags and other luxury goods can easily waterproof ugg boots tally up to the same amount as, say, a car (one Yes Lady customer brought in between 40 and 50 Gucci bags at once, receiving a $38,000 loan!)

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