With the economy in the current state it's in due to the pandemic, many people are struggling to survive financially. According to a recent study, New York residents are in need of loans more than residents from any other state.

The current unemployment rate is still very high at over eight percent. It's going to take some time to bounce back from COVID-19, and without a second stimulus package, more and more Americans are in need of loans to keep themselves afloat.

People that are experiencing difficulties financially are searching for home equity loans, and payday loans, among other options. The people who may be interested in obtaining a loan can vary from state to state.

Wallethub broke down the numbers and conducted a study to determine the states where people need loans the most. In order to figure this out, they compared the 50 states and the District of Columbia. Wallethub combined internal credit report data with data on Google search increases for three loan-related terms.

As you could've guessed, New York was ranked as the state where people need loans the most. No shocker there, considering how expensive everything in our state is, so it makes sense.

Source: WalletHub

Right behind New York, the rest of the top 5 states where people are in the most need of loans are Virginia, Washington, Pennsylvania, and West Virginia. On the other side, Alaska, North Dakota, and Wyoming are ranked as the states where people don't really need loans.

New York Residents' Need For Loans Due to COVID-19:

  • 5th – “Loan” Search Interest Index
  • 2nd – “Payday Loans” Search Interest Index
  • 3rd – “Home Equity Loan” Search Interest Index
  • 13th – Change in Average Inquiry Count August 27, 2020 vs. January 1, 2020