How Women are Borrowing Money Using Their Designer Handbags and Accessories as Collateral
May 23, 2020 (PRLEAP.COM) Business NewsIt is being widely reported that women are being especially hard-hit by the current economic crisis. Whether due to a reduction of income or an increase in expenses, the need for supplemental cash is rising, and may not be met fully or fast enough by state or federal government assistance such as the CARES Act. In the case of women business owners, women going through divorce proceedings, and single mothers, the situation may be more acute. Many women in need of a short-term loan are turning to collateral lenders such as Borro, using their designer handbags and accessories in addition to other luxury assets such as jewelry or watches as their loan collateral.
What is a collateral loan? Collateral loans are a reliable, fast, and easy way to access cash with no credit check, credit history, or financial disclosures. Instead, individuals can get a loan by using luxury assets such as designer handbags & accessories that they already own, or other assets including luxury watches, luxury & classic cars, fine jewelry & diamonds, gold & precious metals, premier auction house collateral, luxury real estate, and even guaranteed sports & entertainment contracts. Many don't realize that owning an asset such as a designer handbag can make the most flexible, convenient, and immediate funding options available at moments when cash needs are unexpected and urgent. Borro is the leading national provider of collateral loans, having provided $450,000,000 in loans to over 15,000 investors, entrepreneurs, small business owners, and others.
How do collateral loans work? Owners of luxury assets such as designer handbags and accessories can use those assets as collateral to obtain loans from Borro, in amounts ranging from $2,500 to over $5,000,000. Borro empowers clients to capitalize on the true value of their asset or assets without the wait, and, more importantly, without the need to sell. Borro's in-house specialists have a combined 80+ years of experience with luxury assets. They are experts in this field with deep auction house relationships and a strong network of appraisers, traders, and dealers giving individuals peace of mind that they can trust Borro with their luxury assets.
Who can get a loan on their designer handbags or accessories? Borro has made this funding option available to anyone with just a single designer handbag or to people with a collection of designer handbags and accessories. The loan can be used for any personal or business reason with cash available in as little as 48 hours. For example, a Borro client needed additional cash to help cover the costs of her son's college tuition. Using her Hermes Shiny Porosus Crocodile Birkin handbag as collateral, she was able to obtain a $22,500 loan in a single day. A few months later she paid off the loan when other finances became available and her handbag was returned. In another Borro client example, a high-end boutique owner was going through an unusually slow period, leaving her short of cash to pay the rent on her storefront. Using several Louis Vuitton handbags that she owned, she was able to obtain an $8,000 loan to help cover business expenses during this slow period. After her business picked up, she repaid the loan, and the Louis Vuitton handbags she used as collateral were returned.
What are the criteria to get a collateral loan on designer handbags and accessories? Designer handbag and accessory brands accepted as collateral include but are not limited to Louis Vuitton, Dior, Yves Saint Laurent/YSL, Prada, Chanel, Gucci, Givenchy, Goyard, Céline, and Hermes. The amount of a Borro collateral loan offer is based on the secondary value of the designer handbag or accessory. Value is determined based on the brand and model, condition, scarcity, age, and provenance.
Who is Borro? Borro, a Luxury Asset Capital brand, is the leader in confidential loans that use the borrower's luxury assets as collateral. We are a timely alternative to traditional loans that are often either too slow, invasive & burdensome or, in some cases, unavailable. We unlock the equity in a wide range of luxury assets that are high in value but low in liquidity and execute transactions from thousands to millions of dollars in as little as one business day.
We were established to provide capital to individuals at critical moments because we can be trusted to move quickly and confidentially to meet individual and business financial deadlines. We have been a lender to over 15,000 clients, providing over $450 million in loans since our founding over a decade ago. Borro's industry-standard-setting levels of transparency, convenience, and service are making Borro the leader in trusted, alternative loan solutions.
For more information, please visit: https://borro.com/assets-we-accept/designer-handbags/