Top 10 States Where People Need Covid-19 Loans Most

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Almost a century ago, America emerged from the 1918 pandemic, only suffering from the depression of 1920-1921. 100 years later, the story seems all too familiar to those currently experiencing the Covid-19 recession in 2020. Now and then, people need a helping hand paying their bills, according to WalletHub.

From home equity loans to payday loans, Americans struggling with their finances during the Covid-19 pandemic are reviewing their options to relieve the pressure, but their level of interest varies from state to state. Greater interest in getting a loan indicates that more and more people in the state are struggling to make ends meet. It also suggests that state aid programs may be stretched more in the near future, leading to a deeper recession than in other states, according to WalletHub.

In order to determine which states people are looking for the most loans during the pandemic, WalletHub revisited its study, published earlier this year, comparing July 2020 to January 2020, and assigning research interest values ​​of 0. to 100 for the 50 states and the District of Columbia.

WalletHub looked at comparative changes across four key metrics: Change in average number of requests comparing July 28, 2020 with January 1, 2020 (25 points); Loan Search Interest Index (25 points); Payday Loan Research Interest Index (25 points); and Home Equity Loan Research Interest Index (25 points).

Here, in ascending order, are the top 10 states on WalletHub where people need Covid-19 loans the most.

10. Ohio

Right now, residents of Buckeye State are feeling the pinch. Ohio ranks 27e in the Payday Loans Research Interest Index; tene in the Home Equity Loan Research Interest Index; and 3rd in the loan search interest index. From January 2020 to July 2020, Ohio ranks 33rd in Change in average number of requests.

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