Pawn Shops Now Accepting Wine as Collateral
We all know the economy is bad and sometimes people will do anything to get a little cash. That includes getting a loan from a pawn shop by pawning their valuables. Apparently if you are a wine connoisseur and you have decent wine in your wine cellars, you are now in luck because you can pawn it.
According to Reuters:
Along with family jewels and fine art they will accept wines as collateral for loans to help ease cash shortages of businesses and people on all rungs of the economic ladder.
"You'd be amazed by how many wealthy individuals have terrible credit ratings," said Jordan Tabach-Bank, head of Beverly Loan Co. in Beverly Hills, California.
"And besides, if you go to a bank, it can take weeks or months to get a loan. When we make a loan, it's usually the same day,"
So if you are struggling to pay your bills and have considered pawning off some of your valuables know that you are alone, bankers, lawyers and as Reuters said even Oscar winners come into the shops.
However the article also says that these loans are usually paid back and he doesn't sell the wine.
WOW! Would you pawn your rare wine?