“It's every bag lady's dream.” –Vogue

You’ve spent your last few dollars on a designer bag, yet after only a month you’re feeling dated. Your fashion-savvy friends are beginning to snicker. You long for a change. So here it is - www.bagborroworsteal.com.

Bag Borrow or Steal is an exchange club of sorts where you can borrow a bag for a month, return it and take another. Co-founder Lloyd Lapidus says he and his partner watched for years as the women in their lives borrowed bags. So they decided to fashion the idea into a business. Launched in April, the site is up to more than 500 members and gaining daily.

There are three levels of membership – The Trendsetter, The Princess, and The Diva. All three are fast and easy to complete. Trendsetter Membership is $19.95 per month. The handbags in the Trendsetter collection are by new, emerging designers. It also includes affordable, sportier pieces by Ralph Lauren, Tommy Hilfilger and Coach. The Trendsetter collection makes sense for those who starve for change, but don’t need the names to feel complete. Things get worth while at The Princess level however.

Princess Membership is $49.95 per month. It also includes an array of emerging designers, but you get a taste of the more upscale designers as well – Fendi, Tano, Coach. Although The Princess level is worth the money for the names, The Diva level is where it’s at. The Diva Membership is $99.95 per month. Diva members can borrow from any of the three collections. Here you will find the most expensive bags and of course most of the top designers have their best bags featured there. Names include Prada, Burberry and Dolce & Gabbana. Sex in the City’s Carrie Bradshaw would have a field day.

When you borrow a bag, you can keep it for a day, a month, or a year. It’s up to you. Although each level of membership allows for borrowing one bag at a time, by shelling out a couple more dollars, you can borrow up to five. All bags are shipped via FedEx Ground service, with a prepaid shipping label to use when returning the bag. Members are charged $9.95 to cover round-trip shipping and insurance.

All bags are either new or in like new condition. Each bag goes through an elaborate process of quality control before it is sent out for use.

At this point, I know what you’re thinking. What if there is a bag I want that I don't see available in the Bag Borrow or Steal virtual showroom?

Not to worry. Within each member’s account, there is a wish list. Whether it is for the latest bag of the moment or a vintage bag from an expired product line, their sourcing team goes to work on getting you the bag. Once the bag comes into stock, you are sent a preferred notification giving you first access to the bag before it is released to the general membership.

What if you fall in love with a bag you have borrowed, and just cannot part with it?

Not to fret. Simply let the site know and they will send you a discounted quote for the bag. How much of a discount? We’re not sure yet, but if it’s not considered a “steal,” there’s no commitment to purchase. You can always borrow a new one.

How can you not love it? Find out more information at www.bagborroworsteal.com.