The Loan Companies has successfully completed its historic purchase of T.N. Donnelly & Company, a storied Chicago lender with the notable distinction of having been in continuous operation since 1881, making it America’s oldest operating pawnshop. Rebranded as Chicago Loan Company, it is the newest addition to The Loan Companies, joining New York Loan Company in New York City’s Diamond District and “Pawnshop to the Stars,” Beverly Loan Company, which has provided collateral loans to clients in Beverly Hills since 1938. Continuing this legacy, Chicago Loan Company provides pawn loans against diamonds, gold and platinum jewelry, high-end watches, modern and contemporary art, and unique memorabilia.
Chicago Loan Company writes nonrecourse loans from its secure upper story office in downtown’s Jewelers Row. Jordan Tabach-Bank, CEO and owner of Chicago Loan Company, explains, “Qualifying for a traditional bank loan is a challenging and onerous process for anyone in today’s economy. Our loan officers have the expertise to lend up to seven figures in a matter of minutes, without ever performing a credit check. Your collateral speaks for itself.”
Even the most financially secure individuals can find themselves strapped for cash with expenses such as private school tuition, insurance premiums and probate taxes. These unforeseen expenses can leave Chicagoans in need of immediate funds. For 136 years, Chicago Loan Company’s predecessor solved these short-term liquidity issues by providing concierge collateral lending services to Midwesterners from all walks of life.
Rolex, Cartier, Van Cleef & Arpels, and Harry Winston are only some of the iconic brands that borrowers leverage to secure a loan. “Our family business has always specialized in luxury—be it a Tiffany & Co. diamond engagement ring, a crocodile Hermès Birkin bag or a Patek Philippe minute repeater. Unlike many other pawnshops, we also have expertise in auction-worthy art and can offer loans against your Picasso, Warhol or Basquiat, a lending product that did not previously exist in the Midwest.”
“We certainly cater to clients who require an immediate cash infusion for personal matters, such as healthcare expenses or a divorce,” said Tabach-Bank, “but a large percentage of Chicago Loan Company’s clientele are small business owners and professionals who have short-term liquidity needs for investment opportunities, capital calls or escrow closings. Luckily, these clients are asset rich and can leverage their tangible personal property instead of liquidating their stocks or selling their home.”
Chicago Loan Company is located on the twelfth floor of the historic Heyworth Building at 29 East Madison Street in downtown Chicago. For more information on Chicago Loan Company please visit www.ChicagoLoan.com or call 312-236-2929.