Provident Loan Society of New York Offers a Summer Alternative for Students Short on Cash

NEW YORK - July 2, 2018 - (

​The not-for-profit lending organization, Provident Loan Society of New York, is providing a lending alternative for students who may be short on cash this summer.

As interest rates continue to rise, borrowing money is getting more expensive for anyone in search of a loan. Banks and credit cards are all charging higher rates as the Federal Reserve raises interest rates.

The share of borrowers who are making payments more than 30 days late is also rising, according to Capital Economics.

"Provident Loan Society of New York provides lower interest rates than many credit cards," said Kevin King, CFO for Provident Loan Society. "In addition, our loans don't impact your credit score and we don't look at credit history when deciding who gets a loan. We appraise your collateral to determine a loan amount."

Why Borrowing Money at Provident Loan Society is a Better Alternative

There are many ways to borrow money at Provident Loan Society. Consumers can go to one of their five locations in New York City and borrow against their collateral items in person. The jewelry or collateral items are appraised on site and cash is given on-the-spot. This loan process typically takes about 20 minutes to complete.

Consumers can also get an appraisal of their item by going to the Free Online Appraisal Request. They can upload a photo of their item and get an idea of how much money they can borrow against that item. Consumers can learn more about the Free Online Appraisal Request by clicking here.

New Yorkers can also learn how much a loan at Provident Loan Society will cost before they even walk in the door. By going to the Fast Cash Calculator, consumers can get an estimate of how much a loan will cost, including fees and interest rates.

The interest rates of Provident Loan Society are comparable to credit cards, but typically half the cost of most commercial pawn shops. The Provident Loan Society charges 13 percent for a 6-month loan. A traditional pawnbroker can charge 24 percent for the same loan. Provident’ s fees are also lower.

About Provident Loan Society of New York

Provident Loan Society of New York is a nonprofit lending organization that offers quick collateral loans of up to $100,000 on your gold and diamond jewelry, fine watches, and silverware. Provident Loan Society has branches in Manhattan, Queens, Brooklyn and the Bronx.

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