women in Hong Kong are using their purses as collateral

   With the loans they are borrowing they are allowing women from Hong Kong to use their expensive purses for collateral.

One company, "Yes Lady," can get you a loan in 30 minutes at 80% of the bag's value, "as long as it is from Gucci, Chanel, Hermès or Louis Vuitton,"

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.

 

One client brought in 40 to 50 Gucci purses at one time and received a $38,000 loan, according to the report