Santa Barbara pawn shop seeing rise in elderly customers during pandemic

SANTA BARBARA, Calif. - An increase in elderly customers at one business in Santa Barbara is one example of a disturbing trend during the COVID-19 pandemic.

The staff at State Street Jewelry and Loan is also seeing an uptick in customers with a specific request.

"We have a very large amount of customers calling us, asking for extensions on their payments," said Paola Lorduy Ortega, the store's manager. "They have to make a payment every fourth month. And even though we're letting them know we are not expiring any loan until we can, you know, stabilize the situation, yeah, we're gonna hold a little bit longer."

Lorduy Ortega said she and her co-workers are also seeing more people desperate to sell their things for cold, hard cash. In better times, the store normally takes in things like guitars, silver heirlooms, bikes and power tools. However, right now, the business is only buying gold. 

Lorduy Ortega said she estimates roughly 65% of the shop's customers these days are older, which surprised her.

"You don't have any idea how many elders we are receiving, and you get amazed because they're supposed to be sheltering in place," Ortega said. "They're bringing clothes, any shiny metal thinking it's gold or silver to see  what it's worth in cash."

An increase in homeless people are also showing up at the front, glass doors asking to come in to sell clothes and other items.

The spike in elderly customers could be linked to younger relatives not receiving paychecks.

Cash for gold is market rate and fluctuates; right now, it's a little more than $1,600 dollars per ounce. The shop pays a percentage, depending on the karat.