South Dakota Ranks 45th for Loan Search Interest During the Coronavirus Pandemic

UNDATED – With nearly 39 million Americans becoming jobless during the coronavirus pandemic and 44 percent of Americans expecting to go into more debt because of the crisis, WalletHub today released updated rankings for the States Where People Need Loans the Most Due to Coronavirus, as well as accompanying videos. 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.):

• 51^st – “Loan” Search Interest Index
• 9^th – “Payday Loans” Search Interest Index
• 31^st – “Home Equity Loan” Search Interest Index
• 36^th – Change in Average Inquiry Count May 14, 2020 vs. January 1, 2020

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