(MENAFN - Newswire.com LLC) NEW YORK, December 4, 2018 (Newswire.com) - The not-for-profit lending organization Provident Loan Society of New York is promoting a new holiday lending offer to help New Yorkers in need of quick cash.
The month of December is a time when more New Yorkers turn to Provident Loan Society for short-term loans during the holiday cash crunch, says the CFO of Provident Loan Society, Kevin King.
December is an expensive month for consumers as they buy presents and go to holiday parties. The National Retail Federation says Americans will spend an average $700 on holiday gifts and parties, totaling more than $465 billion.
"New Yorkers can get instant cash by borrowing against their gold, silver, diamonds, silverware or other fine jewelry and watches," said King. "The end of the year typically brings more consumers into our branches, looking for short-term loans. Many customers keep coming back to Provident Loan Society because they know our short-term loans are typically half the cost of commercial pawnshops."
Consumers don't need credit to borrow from Provident Loan Society. They just need to provide a collateral item, such as jewelry that has precious stones or metals. The interest at Provident Loan Society is typically less than many credit cards. As a result, it's easier for consumers to pay off the loans, rather than dig deeper into debt.
How to Take Advantage of Holiday Loans With Provident Loan Society
There are several ways to take advantage of the special Holiday Lending Offer from Provident Loan Society of New York.
In New York, consumers can go to one of five locations in Manhattan, the Bronx, Brooklyn and Queens. The jewelry or collateral items are appraised at the branch and cash is given on-the-spot. This loan process typically takes about 20 minutes to complete in-person.
Outside of New York, consumers anywhere in the United States can mail in their jewelry or toll-free call 1-800-PLS-PAWN (1-800-757-7296) to borrow money from Provident Loan Society. Once the jewelry is received, an appraiser from Provident Loan Society will tell people how much they can borrow with the current item. Items that are eligible for loans include diamond jewelry, gold jewelry, gold coins (only for gold content), watches and silverware.
Another option is to apply online for a collateral loan using gold or jewelry. New Yorkers can learn how much a loan at Provident Loan Society will cost before they even walk in the door. The Fast Cash Calculator will give consumers an estimate of how much a loan will cost, including fees and interest rates.
As the country's only not-for-profit pawnshop, interest rates at Provident Loan Society are typically half the cost of most commercial pawn shops. Provident Loan Society charges 13 percent for a six-month loan, while a traditional pawnbroker can charge 24 percent for the same loan.
About Provident Loan Society of New York
Provident Loan Society of New York is a not-for-profit lending organization that offers quick collateral loans of up to $100,000 on gold and diamond jewelry, fine watches and silverware, at interest rates comparable to those of many credit cards.