Short Term Loans
Our distinguished history
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 usurious 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 personal property. The founders included such notables
as:
Solomon
Loeb
Alfred B. Mason
J.P.
Morgan
Jacob
H. Schiff
Gustav H. Schwab
Cornelius
Vanderbilt
These men gave their time, talent and money to create
the foundation for a very unique idea – offering
short term loans for people in need. A special act of
the New York State Legislature was passed in 1894 incorporating
The Provident Loan Society of New York and the doors
of its first office soon opened.
Today, The Provident Loan Society serves approximately
100,000 people annually and continues the mission of
its founders. Provident provides loans up to $50,000,
generally upon pledge of diamond and gold jewelry, for
a term of 6 months. New York State pawnbrokers require
that loans be paid back in four months. The interest
rate for short term loans from Provident Loan is substantially
lower than the approved rate for New York State pawnbrokers.
To
research short term loans, 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.
