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Millions of Americans Still Don’t Have a Bank Account

The most recent FDIC Annual National Survey of Unbanked and Underbanked Households shows that a large number of Americans still don’t have access to the financial system. This is why short-term lending services like The Provident Loan Society of NY are still essential services in our community. The latest FDIC numbers show that 23 million […]

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Historical Trend of Banks Not Lending Money to Small Business

  Tighter regulation in the financial industry has made banks less willing to lend money to consumers and businesses with fewer resources. As a result, banks aren’t lending as much money to them. But this lack of lending isn’t a new phenomenon. In the late 1800s, consumers and small business owners faced a similar situation; […]

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Millennials Are Turning to Pawnshops for Loans

Pawnshops are becoming a popular source of quick cash for Millennials who don’t have access to credit or access to a bank account. A recent study by PricewaterhouseCoopers—an audit and taxing consulting company—revealed 42 percent of Millennials are turning to alternative financial services as a source for short-term loans. The most popular lender for Millennials […]

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How to Borrow Money from a Pawnshop

Pawning an item for quick cash is as simple as bringing your valuables into the nearest pawnshop and walking out with a cash loan. But is that the way to get the best deal? As a potential borrower, you need to do your homework on the pawnshop and the terms of the loan. Some pawnshops […]

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How to Tell if Your Gold is Fake – Provident Loan Society

The rising price of gold is making a lot of headlines in 2016 as investors flock to more safe havens. On February 9th of this year, investors poured the most amount of money ever into gold bullion securities, according to an article in the U.K.’s Telegraph. Whenever gold panics start, you can be sure scam […]

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Will Engraved Jewelry Have More Worth at a Pawnshop?

Whether it’s done by hand, machine, or the latest technology.. I remember watching the TV show Laverne & Shirley, and couldn’t help but notice the big “L” that Laverne wore on every shirt and sweater. If she were better off financially, would her jewelry have been emblazoned with the name “Laverne” or at least an engraved […]

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How Pawnshops Verify That Pawned Items Are Not Stolen

While the laws may vary from state-to-state, it’s easy to understand why pawnshops across the country are prohibited by law from accepting any stolen items for a collateral loan. The hard part is figuring out if a pawned item is in fact stolen.

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Is your Jewelry Contributing to Your Carbon Footprint?

Gems That Are Sustainable and Environmentally-Friendly When I was young, we never asked where the fruits and vegetables we bought at the supermarket came from or how they were grown. Oh, we might know that the apples were from upstate New York and the oranges came from Florida, but we didn’t want to know their […]

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Is Platinum Better Than White Gold Jewelry?

In my retail days, one of the pleasures of the business was selling an engagement ring to a young, first time buyer or couple. This might be their first (and maybe only) chance to shop for an expensive piece of jewelry with both substantial value (and cost), and a strong meaning attached to it.

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Unusual Items Used as Loan Collateral

I’ve been in the pawn industry for over 40 years, all of them with the Provident Loan Society, the only not-for-profit pawnshop in New York State (and probably the country). Pawning is a great way to get quick, short-term cash loans by using a personal item of value as collateral to ensure that the loan […]

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