With the unemployment rate at 10.2% due to COVID-19, WalletHub today released updated rankings for the States Where People Need Loans the Most Due to Coronavirus, as well as accompanying videos and audio files. 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.):
- 24th – “Loan” Search Interest Index
- 19th – “Payday Loans” Search Interest Index
- 10th – “Home Equity Loan” Search Interest Index
- 12th – Change in Average Inquiry Count July 28, 2020 vs. January 1, 2020
