New York has highest need for loans, study finds

ABC50 NOW

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NEW YORK (WWTI) — National unemployment remains high due to the COVID-19 crisis and New Yorkers have a high need for loans statewide.

A recent study from WalletHub, States Where People Need Loans the Most Due to Coronavirus, found the national unemployment rate to stand at 8.4%. The study determined which states had the highest need for loans based on credit report data and Google search increases for three loan-related terms.

New York was found to be the most in need state for loans based on loan search interest, payday loans search, home equity loan search and change in average inquiry count rank.

Specific findings for the state of New York include:

  • 2nd for most searches on “Payday Loans”
  • 3rd for most searches on “Home Equity Loans”
  • 5th for most searches on “Loans”
  • 13th for change in average inquiry count from August 27, 2020 compared to January 1, 2020.

Additionally findings from the study found residents in Alaska needed loans the least, South Dakota residents searching “loans” the most, Arizona residents searching “payday loans” the most and Connecticut residents searching home equity loans the most.

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