(MENAFN Editorial) NEW YORK, September 27, 2018 (Newswire.com) – Provident Loan Society of New York, the country’s oldest non-profit pawn shop, has launched a new rewards program called Provident Rewards, which gives cash to customers that refer other customers.
Here’s how it works under the Provident Loan Society Rewards Program: If a new customer comes in and says they were referred by a friend, the friend will receive a cash reward based on the size of the cash loan.
The amount of cash reward given increases as the loan disbursement does. For example, a $1200 loan nets the referring friend a $60 reward, whereas any loan higher than $10,000 brings in a $100 reward.
‘Many of our customers frequently refer us to their friends and family. This new rewards program is a way to recognize these loyal customers who keep referring Provident Loan Society to others,’ said Kevin King, CFO for Provident Loan Society of New York. ‘We hope this program shows our commitment to redefining pawning and promoting customer loyalty.’
The cash rewards can also be used to contribute to existing loans at Provident Loan Society of New York, King said, giving customers even more ways to pay off their instant cash loans.
Why Loaning With Provident Loan Society is a Better Alternative
Provident Loan Society of New York doesn’t check credit when distributing loans, nor does it charge predatory interest rates of up to 48 percent. Instead, the organization’s average interest rate of 26 percent makes the non-for-profit lending society one of the most accessible in all of New York.
Pawn shops with high interest rates can often drive their customers into further debt. At Provident Loan Society of New York, the primary interest is giving customers the cash they need for their collateral without high interest rates to stress over.
The loan process at Provident Loan Society of New York only takes about 20 minutes. Customers come in with their items to be appraised, and a cash loan is given on the spot.
About Provident Loan Society
Provident Loan Society of New York launched in 1894 during a time where extremely high interest rates on cash loans were common. Now, in 2018, Provident Loan Society of New York still offers cash loans with interest rates only half as high as their competitors. It is the only non-for-profit pawnbroker in the country.
Provident Loan Society of New York has five different locations across Brooklyn, The Bronx, Manhattan, and Queens. For more information on how to get instant cash loans of up to $100,000 from Provident Loan Society of New York, visit their website at www.providentloan.com .