Provident Loan Society of New York Offers Free Advice on Loan Options

New York, NY, April 23, 2018 (Newswire.com) - ​​​​The nation’s only not-for-profit lender, Provident Loan Society of New York, is providing free advice on loan options and jewelry value in a free online forum that will educate consumers on how jewelry can help them in a financial bind.

According to the National Pawnbrokers Association, more than 30 million Americans turn to pawn shops for quick cash when they are in financial need. The majority of these consumers leverage their jewelry and precious metals for short-terms loans without a complete understanding of how much their jewelry is worth, according to the National Pawnbrokers Association.

"A lot of borrowers don't know the value of their jewelry or even how a collateral loan works.We'll make it easy for consumers on this live chat to ask any questions. And if they're not sure what to ask, I will also discuss some of our most popular questions that borrowers ask during the loan process.

Anthony LoRe, Chief Appraiser

The Chief Appraiser for Provident Loan Society of New York, Anthony LoRe, says jewelry and precious metals, like gold rings or bracelets, can provide consumers a safety net when they are facing financial strains.

Live Facebook Chat - Get Your Lending Questions Answered

This live Facebook chat on the Provident Loan Society Facebook page will give consumers the chance to ask questions about the value of jewelry, loan options and how the loan process works from the comfort of their own home or office.

LoRe won’t be able to give appraisals on jewelry since a physical inspection is needed but he will be able to give viewers guidance on what they should look for in the jewelry.

"A lot of borrowers don’t know the value of their jewelry or even how a collateral loan works,” said LoRe. “We’ll make it easy for consumers on this live chat to ask any questions. And if they’re not sure what to ask, I will also discuss some of our most popular questions that borrowers ask during the loan process.”

The Provident Loan Society FAQ page is one of the most visited web pages for the nonprofit. It provides answers to some of the most popular questions consumers have on loan terms, the loan process

This Facebook chat will allow consumers from anywhere in the United States to ask LoRe questions regarding ranging from how to get a loan, how to pawn jewelry, how is interest rate determined and how safe is their jewelry when it is pawned. The interactive session will provide even more details than the Fast Cash Calculator.

“A lot of people don’t know the price of gold, diamonds and other precious metals fluctuate,” said LoRe. “They also don’t know there is a difference in what an 18 Karat and 14 Karat necklace will bring in terms of a loan. I’ll break it down in simple ways on how appraisers look at it.”

Provident Loan Society has five locations in New York City, including branches in Manhattan, Queens, The Bronx and Brooklyn.

LoRe  has over 42 years of experience in the jewelry industry and is a Graduate Gemologist from The Gemological Institute of America, (The GIA). He has been featured as a celebrity appraiser on the PIX11 Morning News in New York and WABC’s 7 On Your Side where he gave consumers advice on how to know if their jewelry is real or fake.

DETAILS OF THE LIVE FACEBOOK CHAT

Date: Wednesday, April 25th, 2018

Time: Noon to 12:30pm EST

Link to Participate:  https://www.facebook.com/providentloansociety/

About  @ProvidentLoanSocietyofNewYork

Provident Loan Society of New York was founded in 1894 following the financial panic of 1893. The founders created the organization as a way to help New Yorkers who needed short-term loans that banks weren’t offering at the time. Provident Loan Society is a not-for-profit and typically offers rates at half the cost of most commercial pawn shops. It offers short-term loans on collateral from gold, silver, diamonds, silverware, watches, jewelry and other precious metals or gems.

Source: Provident Loan Society Of New York