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women are getting bank loans by using designer bags as collateral

by:Bestway     2020-07-03
Imagine using your beloved Chanel bag to get some upfront cash in order to pay the rent. Sound crazy?
This is exactly what some women in Hong Kong are doing.
This is a handbag-
Yes Lady Finance Co in Hong Kong does not want cars and houses, but loans.
Ask the borrower for the signature package as collateral.
According to The Wall Street Journal,year-
Old Company acceptance package on site (
Unless they pass the authenticity review of the experts)
And provide loans within 30 minutes at 80% of the original value of the package. The catch?
Items must be made by Gucci, Chanel, Hermes, Louis Vuitton or-occasionally—Prada.
Maggie Huang, 30, told the Wall Street Journal that she would use the service when she needed quick cash to cover her daily expenses or her £ 5year-
Old son\'s tuition
\"I don\'t want to go through all the complicated application procedures at the bank,\" she said . \".
In the past year, Wang has put three wallets in total.
Guccis vs Vuittons-
A total of $1,290.
She paid off the loan (
Interest 4% per month)
All the bags are owned by her.
What\'s interesting is-
As the Wall Street Journal notes
The main goal of the pawn industry is low
Income residents, but yes, the lady caters to the rich residents whose money may be occupied by the stock or, obviously, very high
End the designer pack.
It sounds like a good idea to us: after all, a solid range of designer handbags and other luxury items can easily be made with cars (
A \"yes\" lady customer took 40 to 50 Gucci bags at a time and got a loan of $38,000! )
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