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In New York, pawn shops are not the
only place to acquire a short-term loan.
The Provident Loan Society, created in 1893 when government
assistance for the needy was extremely limited, was the business invention
of a group of the City’s business leaders and financiers who saw the
need to provide an alternative to the pawn brokers and paycheck loans. At the time, pawn shops were not heavily regulated and had
earned a reputation for charging borrowers scandalous interest rates.
The Provident Loan Society is a
not-for-profit agency; therefore, they do not charge the high interest
rates for short-term loans that are found in New York pawn shops or payday
loan facilities. The
principles of the short-term loan contract are, however, much the same as
any other agreement. You can
present your gold or diamonds or other valuable assets as collateral and
receive a short-term loan in exchange.
To date, the Provident Loan Society
has approved short-term loans and other types of paycheck loans for around
100,000 people annually, even some by mail.
Benefits of the short term loans offered by Provident include the
availability of quick cash up to $50,000 for a longer term loan (6 months
as opposed the 30-90 days offered by most pawn shops) with lower interest
than a standard pawn shop offers, no credit check (helpful for those with
less than desirable credit history), and no installment payments required
on your short-term loan.
Provident Loan Society has five
locations in the New York City area for paycheck loans; one in Queens, one
in Brooklyn, one in the Bronx, and two in Manhattan. All that is required to be approved for a short-term loan at
New York pawn shops is some form of collateral and two forms of I.D., with
at least one containing the borrowers address (acceptable identification
includes a valid driver’s license or permit, a passport, credit card, or
military I.D.).
At New York pawn shops, you can still receive a
short-term loan; but there are plenty of other providers.
But don’t forget about Provident Loan Society, where you could be
approved for a larger loan at a much lower interest rate than with
paycheck loans.
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