Designer handbags are made for carrying, but the coveted accessories are often purchased as investments. If you own a designer handbag you can use it as collateral for a loan.
Short-term loans against designer handbags in South Africa – from the iconic Hermès Birkin to the Chanel Flap Bag – are an easy way to unlock liquidity fast and discreetly.
We offer loans against many luxury brands
If you own a handbag from any of these luxury brands, you may be eligible for a loan.
Why pawn your designer handbag with Lamna
Pawning a luxury handbag with Lamna is an easy way to raise finance quickly. You can use the bag as collateral for a short-term loan without having to sell it.
There are many benefits of getting loans against designer handbags from Lamna, rather than more traditional lenders like banks, including:
- competitive interest rates
- flexible repayment terms
- limited paperwork
- no credit checks
- funds within 24 hours
- asset insured and securely stored
- low risk.
How a loan against a designer handbag works
One of the many benefits of pawning a designer handbag is how simple and fast the process is.
You send us information about your designer handbag – with photographs – and we’ll provide a provisional loan offer.
You take the handbag to one of our offices, where it will be assessed in person, and we’ll confirm the loan amount.
Once you’ve provided ID, proof of ownership and proof of residence, we proceed with the loan agreement. The funds are transferred directly into your bank account within 24 hours of signing.
Frequently asked questions
Here, we answer some of your most frequently asked questions about loans against designer handbags.
When should I consider pawning a designer handbag?
These asset-based loans are short term. They need to be paid back within a few months. This means they work best when covering a temporary cash shortage.
Only consider pawning a designer handbag when you’re 100% sure you’ll have the funds to repay the loan within a relatively short time frame.
How is the loan amount determined?
Designer handbag loans are based on the current market resale value of the handbag. The loan is a percentage of this value. The more your handbag is valued, the more you can borrow against it.
How do you value a designer handbag?
A valuation is based on four important factors: brand and model, origin and proof of purchase, condition and material.
The handbag market is very active. Our valuers follow the market and know each brand and model. While iconic Chanel, Louis Vuitton and Dior handbags perform consistently in South Africa, other brands and models may depend on current market sentiment.
A handbag in mint condition will be more valuable than one that shows wear. A handbag in its original packaging, with dust cover and receipt, as well as locks, keys and accessories, will achieve a higher valuation.
The material a bag is made from impacts its value. The same model made from different materials can have vastly different valuations – think crocodile leather and diamond embellishments.
What handbags do you offer loans against?
We offer loans against all the designer handbag brands listed above (and others).
Can I pawn my Gucci bag?
You can pawn your Gucci handbag, your Chanell bag, your Louis Vuitton bag, your Hermès bag, your Prada bag… Any designer bag with a high resale value can be pawned.
Can I pawn more than one designer handbag?
Yes, it’s very common for people to pawn more than one item, including handbags. The loan offer will be made on the total value of all items.
Will my designer handbag be safe when it’s with you?
Keeping your asset safe and secure is our primary concern. From the moment your designer bag is in our possession, it is fully insured and stored in our secure lockup facility.
Researching the market for luxury bags in South Africa
If you own a designer handbag or are thinking about investing in one, or you’re thinking about pawning a designer handbag, it’s essential to research the market.
For a start, you need to know the top luxury designer brands in South Africa. And how their resale values compare. For example, Louis Vuitton, Chanel and Dior are consistently good investments.
Also, research the different models. You need to know your Hermès Kelly from your Birkin, your Chanel Flap Bag from your Perfume Bottle Bag.
Loans against luxury bags and other assets
At Lamna, we offer fast, discreet loans against the value of a wide range of assets, from designer bags and jewellery to vehicles or artwork. For more information about using an asset (like a luxury bag) to secure a short-term loan, contact us on 086 111 2866 or simply complete and submit our online application form.
ILLUSTRATIVE EXAMPLE
Client borrows R10,000 for 90 days.
Loan Amount | Repayment Period | Monthly Interest | Total Cost of Loan | Initiation Fee | Monthly Fee | APR |
|---|---|---|---|---|---|---|
R10 000 | 3 months | R500.00 | R2 914.50 | R1 207.50 | R569.00 | 60% |
Fixed rates range from 36% to 60% APR and payment options range from minimum 3 to maximum 24 months. Apart from the initiation and monthly fees shown below, the only additional fee is credit life insurance if the borrower does not have this already.
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