SCMP today reports about a new business model that will make some women in this town wet their panties in excitement: handbags as collateral for personal loans. Yes Lady Finance pledges to lend you 70% of the value of your LV bag against a moderate yearly 28% interest rate. Moderate indeed, as the maximum legal interest rate set by the government is 60% and regular pawnbrokers are capped at 3.5% per month, which amounts to 42% per annum. Check out the below ad which shows that Yes Lady Finance employs women with great smiles who hand out awesome glowing checks:

The idea for this upscale pawn brokerage business came from two fellas who combined their knowledge of money lending (Wallace Tung Wai-wa, finance company operator) and handbags (Byron Yiu Kwan-tat, owner Milan Station) to help out poor ladies in need of some extra cash:

“It is a good fund raising option for some tai-tais. They may not want to sell their handbags, which may be a gift from husbands and mean a lot to them.“

Next to tai-tais, Yes Lady Finance is also likely to attract hordes of teenagers and young adolescents, who would probably use the money to buy another handbag. Only in Hongkers baby.