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WalletHub Study-Need for loans during the pandemic

WalletHub Study-Need for loans during the pandemic

South Dakota Has the 9th Lowest Need for Loans – WalletHub Study


WalletHub - September 30, 2020

UNDATED - With the unemployment rate still high at 8.4% 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.

South Dakota Residents’ Need for Loans Due to COVID-19 (1=Biggest Need; 25=Avg.):

1st – “Loan” Search Interest Index
47th – “Payday Loans” Search Interest Index
47th – “Home Equity Loan” Search Interest Index
38th – Change in Average Inquiry Count August 27, 2020 vs. January 1, 2020

To view the full report and your state’s rank, please visit:
https://wallethub.com/edu/states-loans-coronavirus/73063/



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