CLARKSBURG, W.Va. – In response to the COVID-19 shutdown, many states are now seeking financial help through loans.
Since the start of the pandemic, businesses have been forced to lay off workers to make ends meet. Although several states have begun to reopen businesses, the unemployment rate still sits at 10.2%.
Several Americans are now searching for ways to help cover their finances, from home equity loans to payday loans. However, the interest in getting these type of loans vary state to state.
WalletHub conducted a study, ranking each state to show who was in need of financial help the most. West Virginia ranked 11th.
Their previously conducted study showed that West Virginia had the 5th smallest increase in unemployment from the pandemic. However, now the state is near the top of the list for needing financial help to recover from COVID-19.
The top five states on the list include:
- New York
The greater interest in getting a loan indicates that people in those states are struggling financially, and those states may experience a deeper recession.
To identify which states needed loans the most, WalletHub conducted a study by combining internal credit report data with data on Google search increases for three loan-related terms in the 50 states and the District of Columbia.
The study also shows the loan-related search values for July 2020. Values were calculated on a 0-100 scale, with 100 being the location with the most popularity of total searches. A value of zero indicates that there was not enough data.
- Change in Average Inquiry Count July 28, 2020 vs. January 1, 2020: Full Weight (~25.00 Points)
- “Loan” Search Interest Index: Full Weight (~25.00 Points)
- “Payday Loans” Search Interest Index: Full Weight (~25.00 Points)
- “Home Equity Loan” Search Interest Index: Full Weight (~25.00 Points)