The Salary Loan Business in New York City: A Report Prepared under the Direction of the Bureau of Social Research, New York School of Philanthropy

The Salary Loan Business in New York City: A Report Prepared under the Direction of the Bureau of Social Research, New York School of Philanthropy

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The Salary Loan Business in New York City: A Report Prepared under the Direction of the Bureau of Social Research, New York School of Philanthropy

The Salary Loan Business in New York City: A Report Prepared under the Direction of the Bureau of Social Research, New York School of Philanthropy

Read FREE!

Excerpt

The necessity of borrowing money for a short period of time is as old as the money economy under which it arises. It is common to the man of large and of small means, to the entrepreneur in business and to the man who works for a daily wage. Very few successful men could have attained their present position had it not been possible for them to secure loans in time of temporary need. Business experience furnishes innumerable illustrations of financial ruin because of inability to secure short time loans. It is not contended that borrowing should be encouraged, nor that the secret of success is found in the ability to secure a loan in time of need, but it is a fact that judicious borrowing is frequently an absolute necessity.

Shakespeare has immortalized the man who takes an unnatural advantage of another's necessity to secure an unreasonable demand. In all ages it has been the man least able to pay the high rate and least able to protect himself who has been the object of the usurer. Such is the case at the present time. The business man when he secures a loan from his bank finds that the strong arm of the law has so regulated the banking business that the borrower is reasonably well protected. He also finds that there is no special disgrace connected with a loan secured by a mortgage on his real estate or on his business. His friends consider that he is speculating and is prosperous. The maxim that "One never becomes rich until he is in debt" is considered sound in the business world. A very different condition of affairs exists when a man is compelled to . . .

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