On your side since 1893
The Provident Loan Society was created in the financial panic of 1893 when there was a minimum of social and government agencies to help the needy.
Pawnbrokers, with a long history in Europe, flourished at this time in New York City, however, with unsavory reputations. Pawnbrokers required borrowers to pay extreme rates of interest on short term loans. A group of the City's business leaders and financiers saw an urgent need to create an alternative to unscrupulous pawnbrokers.
These dignitaries were determined to establish a not-for-profit organization dedicated to providing low-interest short term loans to individuals upon pledge of property.