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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

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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

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