The coronavirus pandemic could affect the global economy directly by affecting production, by creating supply chain and market disruption, and by its financial impact on firms and financial markets. US business has either closed down or laid off workers.
In March, more than 10 million Americans lost their jobs and applied for government aid, according to the latest Labor Department data.
With a record 10 million Americans losing their jobs in March and government assistance checks likely to start going out this week or next, WalletHub today released its report on the States Where People Need Loans the Most Due to Coronavirus.
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.
Louisiana Residents’ Need for Loans Due to COVID-19 (1=Biggest Need; 25=Avg.):
11th – “Loans” Search Interest Index
35th – “Payday Loans” Search Interest Index
34th – “Home Equity Loan” Search Interest Index
1st – Change in Average Inquiry Count April 6, 2020 vs. January 1, 2020