By Charlotte Knobben
It’s not easy calculating the cost for most loans. Many lenders have hidden fees, different interest rates, or even annual charges. Understanding how much a collateral loan costs can be even more difficult at pawn shops where jewelry and gold is secured for a loan.
Now, a NYC pawn shop is letting everyone know the cost of a loan before they walk in the door.
The nonprofit, Provident Loan Society of New York, has launched a new online loan calculator that show consumers and business owners the cost for any loan at their organization. It breaks down the fees and interest rates after consumers fill out their loan request.
Kevin King, the Controller of Finance for Provident Loan Society, says the nonprofit lending organization came up with the idea after it realized most clients don’t have the time nor the means to visit multiple pawn brokers in search of the best deal.
“Provident Loan Society of New York is a not-for-profit organization that always puts the borrower first,” said King. “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.”
How does the calculator work
The Fast Cash Calculator is an easy process. Consumers enter the amount they want to borrow against their collateral item, like gold, jewelry or silverware. Then, they enter the number of months to borrow the money. Click the ‘Calculate’ button and the fees and loan amount will show up.
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.
“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.”
The new Fast Cash Calculator can be easily used from their mobile phone or on their website. King wants to make sure everyone understands this is an estimate cost. For an exact quote, borrowers need to bring their items physically in for an appraisal. They also need to say how long of a loan they want. This because interest is collected only for the number of days they need.
Provident Loan Society has branches in Manhattan, Queens, Brooklyn and the Bronx. You can see their locations by clicking here. Consumers don’t need any credit for a loan, but they will need a state-issued ID.
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 since 1894. Their interest rates are comparable to credit cards, and typically half the cost of most commercial pawn shops.