Gucci, Chanel, Hermes, Louis Vuitton handbags promise quick money from wealthy women in Hong Kong

  A new type of loan available to Hong Kong - and is supported by designer handbags. Yes Lady Finance Co., a four-year, based in Hong Kong with daughter Milan Station Holdings Ltd. (HKG: 1150), offers loans with collateral bags instead of regular cars and houses. Perfect, as the city is known as a hub for luxury shopping. Yes Lady Finance accepts scholarship on the spot and offers evaluators Milan Station, a chain of luxury bags are used to verify the condition and authenticity of the bags. A loan is a half-hour to 80 percent of the value of the bag, because it's Gucci, Chanel, Hermes and Louis Vuitton. Sometimes a Prada bag is accepted, according to the Wall Street Journal. A customer gets his backpack when paying back the loan at a monthly interest rate of 4 percent in four months. YLF said almost all customers pay their loans quickly and call the bags. Granting of loans secured business start at around $ 200. Recently awarded a Hermes Birkin bag about $ 20.600. The company is unique in Hong Kong, approved a town of 200 lenders and provided more than 900 lenders where industry usually targets low-income residents Bauer and domestic help abroad, and accepts only watches, jewelry and electronics as collateral. YLF, unlike the rest, specifically wealthy residents who can afford to, could pay thousands of dollars for luxury handbags, but assets that can be linked to shares or other handbags.  Banks in Hong Kong are regulated by the Monetary Authority, while not subject to lenders lenders are more flexible guidelines Monday or Pawnbrokers Ordinance. As such YLF does not need to ask for proof of income or to perform credit checks, to make loans to their customers. All it needs is an address in Hong Kong, an identity card and, of course, a bag that meets the criteria of the company, according to the Wall Street Journal. "I do not want to go through all the complicated application process in banks," said Maggie Wong, a housewife of 30 years. It uses the services of YLF, if the money is in savings or locked scholarship to pay for daily expenses or fees of his 5 year old son. Wong has three awards last year for loans set for a total of $ 1,290. Since then it has got to be paid back and luggage. Some customers YLF as a writer Angel Yam, but not tied to their pockets as collateral. "I have too many bags at home idle hands," Yam said, appreciate his collection of more than 40 years. She founded a Chanel handbag for about $ 1,500 they used to travel and buy stocks. "I feel no loss if I take some of them as collateral for loans." There are customers who bring counterfeit bags, but thanks to the expertise provided by the Milan station, counterfeits are detected. And the company is very diplomatic in dealing with customers. "We do not say what we know,"   said Irene Chu, manager of Lady Yes, according to the Wall Street Journal. "We are simply saying that we do not approve the loan."