April 11, 2009 Pawn shops see increased business Play video

(NECN: Stephen Iandoli, Boston, Mass.) - The uneasiness surrounding lost jobs and a housing and credit crisis actually has one business flourishing. Providing the supply many people are demanding these days, pawn shops have the quick cash for the increasing number of people needing it.

It should be no surprise that Michael Goldstein has seen a better than 10 percent increase in business at his five Empire Loan and pawn shops in the past year. A spiraling economy and the soaring price of gold usually adds up to more foot traffic.

And as traditional banks, and creditors, tighten their requirements, pawn shops are the place many people visit for loans. Customers may be taking more time to pay it back, but it is the quick fix they need.

A regular at the Empire Loan and pawn shop in the South End, Boston Peter Applewhaite has done more business there this past year than ever before.

Goldstein said he watches the ebbs and flows of the economy and knows when his business should boom. But he also said that he takes no pleasure in seeing anybody struggling in these tough times.

NECN's Stephen Iandoli reports.