Collateral Loan
Consider the difference for your next collateral loan
Thinking
of using another pawn shop? You may want to reconsider.
Pawn shops often charge exorbitant interest rates, additional
fees and give you a short loan period. At Provident Loan
you can obtain a low interest collateral loan that doesn’t
have to be paid back for a full 6 months. The chart below
details the major differences between collateral loans from
New York pawn shops versus those from the not-for-profit
Provident Loan Society.
Collateral
loans from
Provident Loan
|
Collateral
loans from
New York State Pawnbrokers
|
| Collateral
loan period: 6 MONTHS |
Collateral
loan period: 4 Months |
| Interest
Rates for collateral loans are LOWER than State
Permits: 2.167% per month or 26% APR |
Interest Rate for collateral loans are the MAXIMUM
ALLOWED BY NEW YORK STATE: 4% per month or 48%
APR |
| Collateral
loan interest is charged for EXACT number of
days |
Collateral
loan interest is charged for ENTIRE MONTH |
| LOWER
FEES CHARGED |
Additional
Fees CHARGED |
| Extended
GRACE PERIOD |
Thirty
(30) day Notice Required prior to sale |
| Abandoned
collateral sold at public jewelry auctions:
YOU KEEP EXCESS PROCEEDS! |
Abandoned
collateral may be sold at public or private
sale |
| NO
RETAIL SALES!!! |
Collateral
may be purchased and sold by pawnbroker |
|
To research
collateral loans, please use our loan
calculator. If you need more information, please contact
us, visit one of our locations
or call Provident Loan toll free at 1-800-757-7296.
We’re happy to help and will answer any questions
you may have.
|
