SAN FRANCISCO (KGO) — With banks tightening, and credit and jobs hard to come by, more and more people are turning to one of the oldest ways of getting quick cash.
Business is brisk these days at the Pacific Loan and Jewelry shop in San Francisco. While the economy sinks, business there rises. Like pawn shops all over the country, Pacific Loan is getting up to 30 percent more business than last year. It is writing up to 120 loans each and every day, more than the average bank branch.
“People are coming in telling us that they’ve lost their jobs and they’re having hard times. The pawn shop is a source of income, a loan without having to go to a bank,” explained Paula Newhouse at Pacific Loan and Jewelry.
“If people get down to their last source of financing they turn to the pawnshop. It’s an industry that is as old as prostitution itself,” added Michael Krasow.
See the full article from “abc7news.com”
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