Chanel As Collateral: Handbag-backed Loans | Culture , Lifestyle | The Daily Star

It turns out to be a very popular service. Loans start at the equivalent of around $200 and can go far higher, depending on the quality of the bag. This month, Yiu said, one client brought in a crocodile-skin handbag and got a loan for HK$250,000 ($32,200). We have both male and female clients. The majority bring relatively posh handbags, he said. We have seen people bringing several of these handbags here to get a big sum. Every designer bag is assessed for authenticity by an expert from Milan Station. If it is a fake which Yiu says is rare staff at Yes Lady Finance do not reveal that, shielding the customer from embarrassment by making up another reason for not authorizing the loan. One client, Benson Chan, said his wife owned a dozen luxury bags and he had pawned three of them for a total of $51,500, claiming it was with her consent to get money for investments.
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