Minnesota Has The 7th Highest Need for Loans Due To Coronavirus
With the unemployment rate at 10.2% due to COVID-19, WalletHub released updated rankings for the States where people need loans the most due to the coronavirus.
The pandemic has disrupted the U.S. economy, which in turn has hurt the incomes of many Americans across the country. Businesses have been forced to lay off workers as they struggle. WalletHub says it will take a long time to reverse the economic damage done by the coronavirus.
"It will take a long time to reverse the economic damage done by coronavirus, especially since Congress was unable to pass another stimulus package before the benefits from the first one lapsed. Consequently, many Americans need to borrow money to stay afloat."
According to WalletHub's report, Americans who are struggling with their finances during the COVID-19 pandemic are searching for all sorts of options to relieve the pressure.
"Americans who are having trouble with their finances during the COVID-19 pandemic are searching for all sorts of options to relieve the pressure, from home equity loans to payday loans. However, people’s interest in getting these types of loans varies from state to state."
In order to determine the states where people are searching for loans the most during the pandemic, WalletHub compared the 50 states and the District of Columbia across four key metrics. These metrics combine internal credit report data with data on Google search increases for three loan-related terms.
Minnesota was ranked 7th on their list, just ahead of Michigan and Texas. New York was the top state on the list followed by Oklahoma and Tenessee.
When looking at Minnesota's neighbors, Wisconsin ranked 35th, Iowa 27th, North Dakota 47th, and South Dakota 50th.
You can read up on the full report from WalletHub on their website.