Join the Cleveland Scene Press Club. Because No News is Bad News.

Wednesday, August 19, 2020

Ohio One of Top 10 U.S. States Where People Need Loans the Most Due to Coronavirus, According to Study

Posted By on Wed, Aug 19, 2020 at 1:09 PM

click to enlarge screen_shot_2020-08-19_at_1.21.02_pm.png

The coronavirus pandemic has had a devastating impact on the American economy, not only through initial shutdowns and associated layoffs, but continued and obvious disruptions to sectors like the hospitality industry, events, entertainment, the arts and more.

In addition to the ongoing restrictions to control the spread of COVID-19, July's national unemployment rate sat at 10.2% and Congress couldn't come to an agreement to pass a second stimulus package before the benefits from the first one lapsed. So this is all to say that many Americans are having a difficult time making ends meet financially right now.

Finance site WalletHub has conducted a study to find out where in the U.S. the economic strain of the pandemic seems to be hitting the hardest, comparing "internal credit report data with data on Google search increases for three loan-related terms."

"Greater interest in getting a loan indicates that more people in the state are struggling to make ends meet. It also implies there may be more strain on the state’s public assistance programs in the near future, and the state may experience a deeper recession than others will," says WalletHub.

According to their results, Ohio ranks No. 10 for states where people need loans the most due to the coronavirus, based on our interest in googling loans, payday loans, home equity loans and the average change in inquiry count from January to July for those searches.

The top 10 states where people need loans the most, according to the study, are:

1. New York
2. Oklahoma
3. Tennessee
4. Missouri
5. Maryland
6. Florida
7. Minnesota
8. Michigan
9. Texas
10. Ohio

Tags: , , ,

We welcome readers to submit letters regarding articles and content in Cleveland Scene. Letters should be a minimum of 150 words, refer to content that has appeared on Cleveland Scene, and must include the writer's full name, address, and phone number for verification purposes. No attachments will be considered. Writers of letters selected for publication will be notified via email. Letters may be edited and shortened for space.

Email us at

Cleveland Scene works for you, and your support is essential.

Our small but mighty local team works tirelessly to bring you high-quality, uncensored news and cultural coverage of Cleveland and beyond.

Unlike many newspapers, ours is free – and we'd like to keep it that way, because we believe, now more than ever, everyone deserves access to accurate, independent coverage of their community.

Whether it's a one-time acknowledgement of this article or an ongoing pledge, your support helps keep Cleveland's true free press free.

Read the Digital Print Issue

September 23, 2020

View more issues


Never miss a beat

Sign Up Now

Subscribe now to get the latest news delivered right to your inbox.