Founded in 1894 by a prominent group of New York City business leaders and financiers including Solomon Loeb, Alfred B. Mason, J.P. Morgan, Jacob H. Schiff, Gustav H. Schwab, and Cornelius Vanderbilt. Following the financial Panic of 1893, these dignitaries established a not-for-profit organization dedicated to providing low-interest short term loans to individuals upon a pledge of property, giving people in financial need a respectful and dignified alternative to high-cost pawnbrokers. Today, PLSNY serves over 40,000 people annually out of its 5 branch offices in New York City and online. The firm continues the noble mission of its founders through gold and jewelry backed loans.