Put your wine collection to use — as collateral

Fancy wines that could be used to get some fancy loans.
Fancy wines that could be used to get some fancy loans.

In yet another way rich people have it better than everyone else, CNBC reports that the wealthy are using their wine collections as collateral for cash loans. This at a time when most people are struggling to finagle a loan out of the bank.

The top wine creditor is WineCredit, which in two years has given out $20 million in loans on 114,000 bottles of wine. Apparently, this type of credit does work because no one has defaulted on their wine loan ever, and it’s great because interest rates are super low (think 8 percent instead of the crazy amounts bank charge in interest).

Of course, there are some rules about this and not every wine gets approved (so don’t even try it with your two-buck chuck). The wine must have appropriate paperwork and must be stored in an approved place so that you don’t, you know, drink it. Maybe there’s a way we can sneak in and drink it for them? Pity for it to just go to waste…