Provident Loan Society of New York Launches New Online Calculator That Reveals the Cost for Any Loan With the Not-for-Profit Lending Organization
New York, NY, March 14, 2018 (Newswire.com) - The not-for-profit lending organization, Provident Loan Society of New York, has launched a new online loan calculator that educates consumers and business owners on the cost for any collateral loan at the not-for-profit organization.
Most consumers don't know the current interest rates and common fees charged at their local pawn shop. Industry research shows most pawn shop clients don’t have the time nor the means to visit multiple pawn brokers in search of the best deal. As a result, most borrowers typically pay higher fees and interest rates.
This new Fast Cash Calculator gives everyone an additional tool and more information to make sure they are not overpaying for short-term loans. And it’s accessible from their mobile phone.
“Provident Loan Society of New York is a not-for-profit organization that always puts the borrower first,” said Kevin King, Controller of Finance for Provident Loan Society. “We hope this online calculator simplifies the pawn shop loan application process, making it easier for borrowers to see the total cost for a loan.”
The Fast Cash Calculator was designed to help consumers who are researching loan fees or estimating interest costs. The online tool is only an estimate. For an exact quote, the collateral item will need to be appraised in person and the exact terms of the loan must be provided since interest is collected only for the number of days you need.
King says most consumers who use the Fast Cash Calculator will quickly see that Provident Loan Society is roughly half the rate charged by most commercial pawn shops.
How the Fast Cash Calculator Works
The Fast Cash Calculator is a simple two-step process. Consumers enter the amount they want to borrow against the collateral item, such as gold, jewelry, silverware, etc. Then, they enter the loan period, or number of months they want to repay the loan. Hit the “Calculate” button and the online calculator reveals the loan amount due.
The calculator factors in many variables: the current interest rate as well as ticket and storage fees. At the end, borrowers will see terms, rates and fees for the loan with Provident Loan Society, and how much money will be needed to redeem their collateral at a later date.
No credit is needed to borrow money at Provident Loan Society. A collateral loan leveraging gold and diamond jewelry, gold coins, fine watches and silverware is all consumers need for a cash loan, along with a state-issued identification.
The Fast Cash Calculator doesn’t calculate payments since interest is collected only on the exact number of days consumers have the money. If borrowers need to know the payment, they can call Provident Loan Society and get the exact amount of the terms. That number is: 1-800-757-7296.
“The Fast Cash Calculator is a valuable tool for anyone who needs a quick loan but doesn’t know what to expect or how much it will cost,” said King. “We hope consumers will turn to this free online tool before they walk into any pawn shop.”
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 your gold and diamond jewelry, fine watches, and silverware. Their interest rates are comparable to credit cards, and typically half the cost of most commercial pawn shops. Provident Loan Society has branches in Manhattan, Queens, Brooklyn and the Bronx. You can see their locations by clicking here.
Press Contact: Mark Macias
Source: Provident Loan Society
Categories: Lending and Borrowing