Press Release (ePRNews.com) - New York, NY - Mar 10, 2017 - Many immigrants turn to pawn shops for short-term loans because they don’t have any credit. Most of these consumers face a language barrier when they walk into a pawn shop for the first time, and as a result, most pawn brokers charge the maximum allowable interest rate interest rates and fees.
Customer service agents with the not-for-profit, Provident Loan Society of New York, interact with customers who are looking for short-term loans. They say many of these customers, especially new immigrants, aren’t properly educated on how to borrow money. They also don’t ask the right questions.
“Anyone going to a pawn shop should do their homework, this guidebook will help immigrants in their own language, educating them on important questions they can ask that will save them money. This guidebook is full of consumer advice that will also protect jewelry that consumers put up for collateral.”
Provident Loan Society of New York has published a free guidebook in several languages that can help all consumers get the best deal for their loan. (The guidebooks can be downloaded for free here in Spanish, English and Chinese).
“Anyone going to a pawn shop should do their homework,” said Scott Watson, Chief Marketing Officer with Provident Loan Society. “This guidebook will help immigrants in their own language, educating them on important questions they can ask that will save them money. This guidebook is full of consumer advice that will also protect jewelry that consumers put up for collateral.”
Questions to ask your Pawn Shop
The pawn shop guidebook outlines eight questions customers should ask before borrowing money at a pawnshop. And, it details why these questions are important. The questions outlined in the guidebook include:
What is my interest rate?
What are my total fees?
Where will my valuables be stored?
Can my interest rate increase over time?
Will you take a look at my appraisal?
Pawn shop Fees and Interest Rates Vary by Location
Provident Loan Society of New York recently reviewed and compared rates and fees at pawnshops across Manhattan, Queens and the Bronx.
Their analysis discovered most pawn shops charge the highest annual interest rate and fees allowed under NYC law, which is 48 percent. Provident Loan Society of New York charges roughly 26 percent (and has lower fees) for loans on jewelry – or about half the rate.
The free guidebook will help those consumers get the better deal. It contains a comparison guide that they can print and take it with them to any pawn shop. It will ensure they get the best interest rates with the lowest fees, regardless of language.
Provident Loan Society has branches throughout Manhattan, Brooklyn, the Bronx and Queens.
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Provident Loan Society of New York