An Alcoholic Loan


Need a little collateral; look to your liquid assets.

In order to help those in need of a loan some U.S. pawnbrokers are now accepting fine wine to secure re-payment. And business is good. Pawnbrokers say despite their last resort reputation more people are coming to them because they can get a same day loan; instead of waiting weeks or months with a bank.

One pawn shop above a bank in Beverly Hills says its clients include hedge fund managers, bankers, doctors and Oscar winning actors. It says these people; although wealthy sometimes need a boost of fast cash for their latest business venture. An online pawn broker in New York says it regularly accepts wine as collateral from the upper class yet rarely sells it.

And if they do; some shops might want to get to know their newest product a little better. Recently a British pawnshop sold 128 bottles of Chateau d'Yquem for $120,000. Unfortunately those bottles are actually worth at least $250,000. It seems alcohol can solve more than just your emotional problems.