ElimLau4.16MoneyMax marketing manager Elim Lau sharing some tips on how a branded bag will be appraised for authenticity.
Photo by Leong Chan Teik
For years, MoneyMax Financial Services has taken in gold items, jewellery, precious metals and luxury timepieces in its pawnbroking business as well as for resale.

Now, it is adding luxury bags to the list, attracting in the process a new customer base.

More interestingly, because of its network and listed company status, it becomes the leader not only in Singapore but the region of a market which currently is served by a scattering of players in shopping malls and online. 

MoneyMax reckons it gives its customers more confidence in selling or buying branded bags.  After all, it is ISO 9001 certified (for commitment to meet customers' expectations) and CaseTrust-accredited for fair trading and transparency.

It also has a money-back guarantee in the unlikely event a bag it sold is later found to be fake. It also has insurance coverage for items which are pledged to it for a loan.

It has hired in-house appraisal experts to determine if a bag is authentic and, if so, assign a value to it.

If the customer wants a loan, it would be at an interest rate of 1% a month for a maximum of six months -- the same terms that apply for other assets pledged to MoneyMax. Beyond six months, the company is entitled to exercise ownership rights if the pledge is not redeemed or renewed. 

MoneyMax reckons that some 40% of its customers with a luxury bag are interested in a loan.

The remaining 60%, according to management's forecast, are interested to either sell or buy a pre-owned (or unused) luxury bag.

Many among the 60% (read: women) are in need would like to carry a different nice bag at different times.  

(MoneyMax already has a selection of bags for sale at its website. Click here.)

 ♦ Starts @ Woodlands MRT and HDB Hub (Toa Payoh) outlets
drpeterlim4.16Dr Peter Lim, executive chairman of MoneyMax.
Photo by Leong Chan Teik
This pawn-or buy-or sell your bag business is available initially at two MoneyMax outlets -- in Woodlands MRT and Toa Payoh HDB Hub. 


It will be offered at the rest of its Singapore chain by the end of 2016, and possibly its Malaysian outlets subsequently.  

Already, customers who wish to sell can just take a photo of their bags and upload it to MoneyMax's website for an indicative valuation.

If they wish to proceed with the sale (or wish to buy), they should go to MoneyMax (initially at its Woodlands or Toa Payoh outlets) to finalise the transaction.

In the initial phase, MoneyMax will invest up to S$5.0 million to build up a selection of bags (including buying from overseas suppliers), renovation of its current outlets and staff training.


The renovation of the outlets is necessary in part to create storage space for the bags.

"By giving customers greater assurance and through our bigger business volume, we are injecting positive energy into the market. Customers have more choice and probably even better prices," said MoneyMax executive chairman Dr Peter Lim.

"We have seen examples of such a business in Japan and Hong Kong. We see that Singapore has the potential to be a regional hub for this kind of business." 

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Comments  

#39 liana 2020-03-06 08:47
i like to pawn my lv bag,can email me
#38 Ross 2019-09-07 19:05
Can i sell my authentic Salvatore Ferragamo bag for cash?
#37 SIFFAH 2019-08-28 14:24
I want to pawn my LV handbag. Email pls
#36 Seri 2019-08-13 20:52
I want to pawn my lv bag please email to me thank you
#35 Zeng29 2019-07-19 22:32
Hi I would like to sell my used coach bag ..Please email me thank you!
#34 Elva 2019-01-18 20:29
Hi,I had a few bags like MCM and LV bags to sell, pls email asap.. thank..
#33 Claire 2018-12-03 16:36
Hi,i would like to sell off my used coach bag.pls email me. Tks
#32 Uma 2018-08-21 11:47
Hi,I want sell no use handbag brand ysl.please call me
#31 Suriani 2018-08-04 16:15
Large Dinoysus how much if pawn
#30 Suriani 2018-08-04 16:14
Hi how much is Gucci Large Dionysus handbag to pawn. Come with box, papebag dustbag n all the card
#29 Myra 2018-07-30 13:46
Hi,
I have Louis Vilton Man Clucth Pouch. How much does i get if i were to pawn it?
#28 Carmen 2018-05-05 12:03
I want to sell my few branded bag, pls email me.
#27 Charine 2018-04-11 23:35
Hi, I want to sell my bags and pls. email me. Thank u.
+1 #26 Jen Wogng 2018-03-12 12:48
I would like to sell a number of my branded handbags. Please email me. Thank you.
-1 #25 Irene77 2017-12-14 09:29
I need to sell away my used Kate spade bag....
-1 #24 Sarifah Saadah B St 2017-11-16 00:35
Hi i have brand New LV bag get it frm New York in oct17...would like to sell it
+2 #23 Jeff Ong 2017-10-03 08:33
How much can I pawn Channel handbag
#22 Jun 2017-10-03 06:45
Hiw much do take hermes herbag zip 31?
#21 Nur Ashiqin Mohamad 2017-08-09 00:03
Selling my speedy 30 how much do you take.
#20 NINA 2017-07-10 13:05
How much does pre love LV cluny MM red get pawned for?
#19 Sara 2017-04-08 12:15
Hi how can i sale My Brand New YSL Bag
-1 #18 Rose 2017-04-04 11:54
Hi can sell my farragamo handbag?
#17 Shulamite 2017-03-31 18:34
I would like to sell my bvlgari watch GT45S
How much u buy?
#16 Sakura 2017-03-25 00:32
Hi, I would like to sell

1) Chanel GST Tote bag
2) Hermes JPG in black with gold hardware.

Pls advise.
#15 norra 2017-03-20 13:08
hi... i would like to sell my guccissima sukey medium n louis vuitton tivoli gm... pls revert soonest thank you...
#14 lala shylalaa 2017-02-25 16:44
i need to sell my kate spade n michael kors urgently,how much will it be?
#13 Irah 2017-01-30 22:24
I need to sell my ferragamo and coach bags. Howmuch?
#12 Tiominar 2017-01-06 09:42
I want to sell diamond ring 0,50crt
How much it cost ?
Thanks
#11 Siti Arbahya 2016-11-15 21:12
Hi... i need to pawn my gucci bag urgently. How much will be?
-1 #10 Loke 2016-10-20 12:33
Nonsense I went down to woodlands branch they tell me we don't take in Prada bags. Wasting my time
-1 #9 Lingling 2016-10-10 07:16
I need to sell my LV bag urgently, how much can I get it. Thank you
-1 #8 Nasha 2016-09-25 12:13
Hi can i pawn my handbag. LV Saleya. pls reply asap.
-1 #7 Norakmam 2016-08-26 14:29
I need to sell my gucci, prada handbags urgently. Hope u can assist me on this. Tq v much.
-1 #6 Rozaidah Nais 2016-08-15 10:25
I lost the cert of my Gucci. Its aunthentic. Bought at US. Can i sell it?
-1 #5 Busybody 2016-07-31 21:34
Hey people, I think you can get yr answers quickly by going to Moneymax in Woodlands MRT and Toa Payoh HDB Hub. Or u can try online --> https://moneymax.com.sg/pawnnsell

goodluck!
-1 #4 Cruz 2016-07-31 14:56
Any email,i need sell my bag
#3 Noraida 2016-07-30 14:42
I need to sell my prada tessuto urgently.how much can i get.thk u.
-1 #2 coleen 2016-07-16 08:14
I need sell my bags urgently, can email me, thanks
-1 #1 Aidil Feiruz 2016-05-17 22:03
Do I need to make appointment to sell my bags?
 

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