UPDATE 1 - Chanel as collateral : HK company offers loans backed hand

In obsessed with Hong Kong ,Prada Hobo Bags the bill to protect designers can seriously on the wallet . One company has an answer : the cash-strapped shoppers can get by pledging their Gucci, Chanel, Hermes and Louis Vuitton handbags luxury quick money. Yes Lady Finance, a mortgage , loan offer in half an hour up to 50 percent of the value of the new bag and offers its customers four months at an interest rate of 4 percent pay back . If the customer to repay the loan , the bag will retail arm Milan Station Holdings Ltd. Company sold one of its designer second-hand stores. But most people to repay to recover their most valuable assets , said Byron Yiu , President and CEO of Yes Lady Finance . "Milan Station purchases handbags. We give our customers money to buy their products for good. And then we realized many customers attach sentimental value to their pockets ," he said. " You do not want to sell them for good, but they need money. 's How we came up with the idea of running a financial company , the people, to use their handbags to be able to borrow money ... It proves to be a very its popular service . " Prada Gauffre Loans start at the equivalent of around $ 200 and can go much higher , depending on the quality of the bag . This month, a customer said Yiu brought in a crocodile handbag and got a loan of HK $ 250,000 ( $ 32.200 ) . "We have both male and female customers. Most designs relatively chic hand ," he said. "We saw people bringing many of these handbags here for a large sum . " Every designer bag is rated for authenticity by an expert from the train station in Milan. If it is a forgery - which is rarely told Yiu - Yes Lady Finance staff show that the protection of the customer not to approve the loan of another reason locally. A customer , Benson Chan said his wife owns a dozen luxury bags, and promised three of them for a total of $ 51.500 , said he was with his consent for the money to invest . " This is the fastest way to get money," he said. "In addition, my wife wants these backpacks. " There are about 180 pawn shops in the Asian financial center , the website of the Hong Kong & Kowloon shows association of pawnbrokers . But Chan preferred the flexibility of the approach Yes Lady Finance pockets of his wife. "Why can not bring to traditional lenders I hired It is because they do not give you no grace period ," he said. "Here I can my backpack all the time . " In the center of Hong Kong, surrounded by designer boutiques, buyers liked the idea. "I think the pledge a handbag ," says a woman and refused to give his name . She said she did not know how to buy many bags as she did, but still gets three or four per year will cost about $ 4,000 each . Prada bags online Yiu said yes lady finance most of its placement makes mortgage money, but the activity handbag is growing fast and carve a niche in the pawn industry in Asia.