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The Hebrew Free Loan Society of New York, founded in 1892, [1] is the oldest money gemach in the United States. It spawned similarly named free-loan funds in many other cities, including Washington, D.C.; Philadelphia, Pennsylvania; and Holyoke, Massachusetts.
The Provident Loan Society of New York is a not-for-profit organization headquartered at 346 Park Avenue South on the corner of 25th Street in the Rose Hill neighborhood of Manhattan, New York City. It was created in the 19th century by a group of influential New Yorkers as an alternative to the loan sharks of the day.
Unlike bank loans, gemach loans are interest-free, and are often set up with easy repayment terms. Gemachs operate in most Jewish communities. The traditional gemach concept — that of a money-lending fund — extends loans on a short- or long-term basis for any need, including emergency loans, medical expenses, wedding expenses, etc.
An emergency loan can be a good option after a natural disaster if you need to cover urgent expenses, such as replacing spoiled food or dealing with property damage that requires immediate ...
And that's not even the most exorbitant interest rate charged by the company: the New York Attorney General's office points to a sample loan of $1,000 which requires repayment of nearly $4,000 in ...
New York sues loan shark group accused of charging Manhattan’s City Bakery and other small businesses ‘illegal’ rates of up to 820%. María Soledad Davila Calero. March 5, 2024 at 4:06 PM.
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