Trawling through the Internet for my next possible opportunity to get into the fashionable doors of fashion PR I came across this article which I thought would be of interest to all fashionistas or even Women in general.
A firm, Yes Lady Finance (how appropriate!) in Hong Kong has started to offer personal loans to cash strapped Women in exchange for their designer handbags to act as collateral. The same rule we all know with non payment of loans applies here too: No payment, No handbag.
An example the article gave was of a Louis Vuitton handbag valued at $2,600 (that's about £1,500) US dollars in the second-hand market that would secure an $1,800 (approx £1100) dollar three-month loan. This is good news for the second hand market in Hong Kong as this kind of business thrives here.
So I ask everyone this: Is the future for securing loans? Do we treat our Chanel's and Louis's like our homes when we want to secure loans? Can luxury handbags really be a strong enough collateral?
On the one hand I know if I owned a luxury handbag and it was held in ransom by a loan company I'd think twice about missing a payment. I believe if we had something like this in the UK it may just have a chance of working as this kind of thing will feed upon peoples vanity and may just make them work harder to pay of loans and take it more seriously.
However does this this mean we would need a guide on the type of loan and exchange of handbag?
Think about it, a life without Louis? Perish the thought!
Do let me know your thoughts, I have enclosed the link above.
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