If you own an Hermès Birkin, can you imagine using it as a way to acquire upfront cash for life necessities such as rent? It might seem criminal to some, especially if you fought nail and tooth to get your hands on such an in-demand accessory. However, using designer handbags as collateral for loans is exactly what women are doing today.
Explaining Handbag-Backed Loans in Phoenix, AZ
Instead of demanding cars and houses, Biltmore Loan and Jewelry ask for borrowers’ high-end bags as collateral. We refer to this service as a handbag-back loan.
Our fine establishment accepts luxury handbags on the spot, granted they pass our appraiser’s authenticity review. We can offer you a loan today at 70 percent (more or less) of the handbag’s original value. The only catch is that your bag must be from high-end brands such as Yves Saint Laurent (YSL), Louis Vuitton (LV), Chanel, Hermès, Givenchy, and other popular designer labels.
In 2013, homemaker Maggie Wong told The Wallstreet Journal that she uses the service when in need of immediate cash to pay for essentials, including her son’s school tuition. “I have no time for my local bank’s long and complicated application procedures,” she said.
A year earlier (2012), Wong had used three bags from Gucci and LV as collateral. She had received $1,290 all in all. She paid off those loans at a 4 percent monthly interest and has since regained full ownership of the bags. Almost a decade has passed since, meaning the appraisal rate of many designer bags is significantly higher today.
Handbag-Backed Loans Are for People of All Classes
While the pawn industry mainly targets low-income individuals, Biltmore Loan and Jewelry also accommodates wealthy clients whose money may be tied up in stocks and bonds.
Regardless of your class or status in life, a collection of designer bags and other luxury pieces can command up to the same amount as, say, a vehicle. FORTUNE, a global media organization, even assured that the Hermès Birkin bag, in particular, is a good investment. American Youtuber, entrepreneur, and former musician Jeffree Star strengthens the claim by saying he could buy a second home with his rare Himalayan Birkin. Filipino socialite, actress, and businesswoman Heart Evangelista also said that if her home went up in flames, her Birkin 25cm Himalayan Crocodile is one of the items she would save.
Justifying these statements, in 2016, Christie’s sold a rare Himalayan Birkin with white gold and diamond hardware for an auction price of $300,168. Considering the high return on investment, we, too, cannot help but agree with Star and Evangelista.
Understanding Collateral Loans
A collateral loan is a quick, reliable, and easy way to obtain cash without credit checks. Instead, you can acquire a loan by using luxury assets, including designer handbags, luxury watches, fine jewelry, gemstones, precious metals, rare collectibles, and other valuables. Many fail to realize that owning such luxury pieces can make the most convenient funding options available in times when cash needs are dire.
How to Get a Loan Using Designer Bags as Collateral
If you need cash as soon as possible, you can use your authentic designer handbags as collateral to borrow money from us. We enable clients to capitalize on the real value of their luxury possessions without the wait, and more importantly, without the need to sell (unless you choose to). Our founders and specialists have decades of experience in appraising, providing loans, and purchasing luxury assets. Furthermore, as authorities in the luxury pawning and resale market with a strong network of appraisers, dealers, and traders, we guarantee peace of mind when you entrust your designer goods to us.
Who Can Get a Handbag-Back Loan?
Here at Biltmore Loan and Jewelry, we have made this funding option available to anyone with a designer handbag. You can use the loan for any personal or business reason with cash available within minutes of you walking through our door. For example, if you need additional cash to help cover the costs of a family member’s hospitalization fee, we are here for you. Using your Prada and Chanel as collateral, you can earn thousands of dollars in a single day. Our flexible payment methods allow you to pay the money you owe when other finances become available, ensuring your handbag returns to your care.
Here is another example: If you are a business owner going through a slow period, you can use several handbags as collateral for a loan to cover your business expenses, which may include paying your suppliers or affording the rent of your storefront. Once your business picks up, you can pay your loan and regain ownership of your designer purses.
Best Designer Brands for Collateral Loans
The authentic designer handbag brands we accept as collateral include but are not limited to the holy trinity (Hermès, Chanel, and Louis Vuitton), Dior, Yves Saint Laurent, Prada, Gucci, Goyard, Céline, Balenciaga, Judith Lieber, and Nancy Gonzalez. The qualities we will examine to determine your loan amount include brand, model, condition, provenance, age, and scarcity.
You can learn more about maximizing the value of your handbags here.
Visit us with your designer bag and leave with a pocket full of cash
As the current economic crisis endures, more people are using their luxury assets as collateral. Whether due to an emergency, an increase in expenses, or a reduction in household income, the need for supplemental cash is rising. Unfortunately, local banking corporations and federal government assistance may not meet your needs in time. In the case of business owners, people in divorce proceedings, and single parents, the situation may be more desperate. In response, more people requiring short-term loans are seeking the services of Phoenix and Scottsdale collateral lenders, using their designer goods in addition to other luxury assets as collateral.
Instead of saying goodbye to your Guccis, Pradas, and other prized possessions, consider using them as collateral. For a quote on loan fees and interest rates–or if you have any questions regarding collateral loans in Phoenix and Scottsdale–contact us to speak with one of our customer service associates.