North Carolina Has the 10th Highest Need for Loans in The Country

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Charlotte Stories
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With the U.S. unemployment rate slowly improving but still at 11% due to COVID-19, WalletHub today released updated rankings for 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.

North Carolina ranked 10th on the report (and South Carolina wasn’t far behind it, coming it at #16).

North Carolina Residents’ Need for Loans Due to COVID-19 (1=Biggest Need; 25=Avg.):

  • 25th – “Loan” Search Interest Index
  • 20th – “Payday Loans” Search Interest Index
  • 8th – “Home Equity Loan” Search Interest Index
  • 14th – Change in Average Inquiry Count June 24, 2020 vs. January 1, 2020

Here is the complete list of rankings:

States Where People Need Loans the Most Due to the COVID-19 Pandemic

Overall Rank State ‘Loan Search Interest Index’ Rank ‘Payday Loans Search Interest Index’ Rank ‘Home Equity Loan Search Interest Index’ Rank ‘Change in Average Inquiry Count’ Rank
1 New York 4 2 6 20
2 Maryland 3 28 2 5
3 Illinois 1 25 1 39
4 Virginia 8 8 11 3
5 Indiana 2 11 9 26
6 Minnesota 12 23 6 9
7 Washington 36 9 5 7
8 Alabama 17 4 32 2
9 Kentucky 22 2 39 12
10 North Carolina 25 20 8 14
11 Tennessee 4 14 24 11
12 Georgia 17 14 17 8
13 Pennsylvania 31 20 11 15
14 Texas 31 14 22 13
15 Wisconsin 31 37 4 22
16 South Carolina 29 14 26 10
17 Ohio 4 30 15 35
18 Mississippi 16 40 10 27
19 New Jersey 25 9 20 31
20 Missouri 31 26 19 17
21 Oregon 45 23 26 4
22 Florida 36 20 23 16
23 Arizona 22 40 13 28
24 Louisiana 25 44 37 1
25 Arkansas 12 19 44 19
26 West Virginia 10 37 29 23
27 Iowa 17 37 20 24
28 Utah 40 7 34 29
29 South Dakota 22 6 37 43
30 New Mexico 10 5 42 47
31 Hawaii 46 1 34 46
32 Oklahoma 25 32 39 21
33 Michigan 15 48 17 33
34 Nevada 17 30 46 25
35 Colorado 47 42 30 6
36 Massachusetts 42 32 33 32
37 California 43 28 24 37
38 Connecticut 44 45 14 36
39 Alaska 17 11 30 50
40 Kansas 14 42 47 34
41 District of Columbia 50 49 3 18
42 Nebraska 39 36 34 40
43 New Hampshire 31 14 43 45
44 Maine 49 26 16 41
45 Idaho 36 46 45 42
46 Montana 47 13 49 30
47 Delaware 4 47 49 44
48 North Dakota 8 32 49 48
49 Wyoming 51 49 26 38
50 Rhode Island 29 32 48 51
51 Vermont 40 49 41 49