Streetscapes/The Provident Loan Community; High-Class Pawn Shops With Redeeming Characteristics

Streetscapes/The Provident Loan Community; High-Class Pawn Shops With Redeeming Characteristics

There are several trademark buildings that unify nyc — the limestone Carnegie Libraries, the Robert Moses park structures for the 1930’s, the red-brick firehouses of this 1880’s.

Another group, the gem-like branches associated with Provident Loan Society, utilized to dot new york areas but have already been dwindling the past 30 years. Now a different one, the small branch at 153 East 60th Street, has closed but will likely not vanish totally as an architect/restaurateur transforms it right into a palace of Indian meals.

Philanthropists who desired to supply a substitute for pawn that is private for folks of modest means founded the Provident Loan Society in 1894. A board of prominent New Yorkers raised $100,000 to capitalize the company, which first operated out from the United Charities Building at 22d Street and what’s now Park Avenue South.

Provident lent its initial money in the 1st four months to applicants who, upon the pledge of precious precious jewelry, silver or any other valuables, could get cash that is instant rates of interest not as much as those commercial pawnbrokers charged. Some candidates had been in unexpected distress that is financial but other people had been tiny tradesmen that would pawn a wrist watch at the start of per week and go right right back at the conclusion associated with week whenever receipts arrived in. It absolutely was the same to Provident, which considered business that is such to participate its general general public solution.

Candidates could possibly be certain that Provident will make every work to simply help them reclaim their pledge, perhaps not offer it well in a rigged auction for the pawnbroker’s windfall.

The early branch offices all affected a civic sense — the defunct branches at East Houston and Essex Streets and at Lexington Avenue and 124th Street are equal parts small-town library and neighborhood bank although its main office, at the northwest corner of 25th Street and Park Avenue South, has the elegant air of a private bank.