With a record 10 million Americans losing their jobs in March and government assistance checks likely to start going out this week or next, WalletHub today released its report on the States Where People Need Loans the Most Due to Coronavirus. Greater interest in getting a loan indicates that more people in the state are struggling to make ends meet.
In order to determine where people are most in need of loans as a result of the coronavirus pandemic, WalletHub combined internal credit report data with data on Google search increases for three loan-related terms in the 50 states and the District of Columbia. Below, you can see highlights from the report, along with a WalletHub Q&A.
Texas Residents’ Need for Loans Due to COVID-19 (1=Biggest Need; 25=Avg.):
- 32nd – “Loans” Search Interest Index
- 27th – “Payday Loans” Search Interest Index
- 24th – “Home Equity Loan” Search Interest Index
- 20th – Change in Average Inquiry Count April 6, 2020 vs. January 1, 2020
To view the full report and your state’s rank, please visit: