National – WalletHub 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 are highlights from the report, along with a WalletHub Q&A.
Massachusetts Residents’ Need for Loans Due to COVID-19 (1=Biggest Need; 25=Avg.):
- 16th – “Loans” Search Interest Index
- 2nd – “Payday Loans” Search Interest Index
- 24th – “Home Equity Loan” Search Interest Index
- 23rd – Change in Average Inquiry Count April 6, 2020 vs. January 1, 2020
To view the full report and the state ranks, visit:
What can people who don’t have enough cash do during the pandemic?
“There are several measures that people who don’t have enough cash can take during the pandemic. To start, contact your creditors and other monthly billers, explain your situation, and ask how they can help. Most companies and landlords recognize these are unusually trying times, and they’re taking steps to help customers who ask for it,” said Jill Gonzalez, WalletHub analyst. “Beyond that, people who receive a stimulus check from the government should use it wisely, by only paying bills that absolutely can’t be put off. People who find themselves out of work should also apply for unemployment insurance, which has increased payments and eligibility because of the stimulus package.”