wine as collateral

An Alcoholic Loan

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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.  read more »