Top 10 States Where People Need Covid-19 Loans Most

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 27^e in the Payday Loans Research Interest Index; ten^e in the Home Equity Loan Research Interest Index; and 3^rd in the loan search interest index. From January 2020 to July 2020, Ohio ranks 33^rd in Change in average number of requests.

9. Texas

When it comes to spending, Texans are tightening their belts even more these days. Texas ranks 24^e in the loan search interest index; 19^e in the payday loan research interest index; and 10^e in the Home Equity Loan Research Interest Index. From January 2020 to July 2020, Texas ranks 12^e in Change in average number of requests.

8. Michigan

These days, the citizens of the Wolverine State are struggling to keep the wolf out of their doors. Michigan ranks 22^sd in the Home Equity Loan Research Interest Index; 9^e in the payday loan research interest index; and 8^ein the loan search interest index. From January 2020 to July 2020, Michigan ranks 31^st in Change in average number of requests.

7. Minnesota

The inhabitants of the Land of 10,000 Lakes are drowning in red ink. Minnesota ranks 28^e in the Home Equity Loan Research Interest Index; 17^e in the loan search interest index; and 11^e in the Payday Loans Research Interest Index. From January 2020 to July 2020, Minnesota ranks 8^e in Change in average number of requests.

6. Florida

Residents of the Sunshine State spend their savings to pay their bills. Florida ranks 30^e in the loan search interest index; 21^st in the Home Equity Loan Research Index; and 4^e in the Payday Loans Research Interest Index. From January 2020 to July 2020, Florida ranks 15^e in Change in average number of requests.

5. Maryland

Residents of Old Line State waged a Revolutionary War for Independence, but are now fighting just to keep their roof over their heads. Maryland ranks 44^e in the Payday Loan Research Interest Index, and 8^ein both Home Equity Loan Research Interest and Loan Research Interest indices. From January 2020 to July 2020, Maryland ranks 4^e in Change in average number of requests.

4. Missouri

Missourians living in Show-Me State don’t need to be told when the numbers don’t add up. Missouri ranks 21^st in the Payday Loans Research Interest Index; 14^e in the loan search interest index; and 6^e in the Home Equity Loan Research Index. From January 2020 to July 2020, Missouri ranks 21^st in Change in average number of requests.

3. Tennessee

When it comes to their finances during the pandemic, residents of the volunteer state have to contend with the music. Tennessee ranks 15^e in both payday loan research interest and home equity loan research interest indexes, and 8^e in the loan search interest index. From January 2020 to July 2020, Tennessee ranks 10^e in Change in average number of requests.

2. Oklahoma

First come, first served in the state earlier, especially when it comes to bill collectors. Oklahoma ranks 26^e in the loan search interest index; 4^e in the Home Equity Loan Research Index; and 2^sd in payday loan research interests. From January 2020 to July 2020, Oklahoma ranks 20^e in Change in average number of requests.

1. New York

Hosts of the financial capital of the world, citizens of the Empire State these days could use a document. New York ranks 8^e in the loan search interest index; 7^e in the interest of researching payday loans; and 3^rd in the Home Equity Loan Research Interest Index. From January 2020 to July 2020, New York ranks 18^e in Change in average number of requests.