Detail of the 2013 series 100 US dollar banknote

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The economy has been hit tremendously hard due to the effects of CoronaVirus COVID-19. Last week’s announcement that 6.6. Million people filed for unemployment added to the 3.3 a week prior has the stock market in a frenzy. Stimulus checks should be on the way very soon but will that be enough for many struggling and living check to check? Will those people struggling look to loans to help keep them afloat.

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WalletHub compiled a list of states along with Washington D.C. According to the website, these metrics combine internal credit report data with data on Google search increases for three loan-related terms.

The analysis compares loan-related search interest values for April 2020. Values were calculated on a scale from 0 to 100, where 100 is the location with the most popularity as a fraction of total searches in that location. A value of 50 indicates a location that is half as popular. A value of 0 indicates a location where there was not enough data for this term.

  1. Change in Average Inquiry Count April 6, 2020 vs. January 1, 2020: Full Weight
  2. “Loan” Search Interest Index: Full Weight
  3. “Payday Loans” Search Interest Index: Full Weight
  4. “Home Equity Loan” Search Interest Index: Full Weight

The data was collected from Google Trends and WalletHub data.

D.C. ranks 2nd overall on the list which you can find here.

  1. South Carolina
  2. Washington, D.C.
  3. Virginia
  4. Alabama
  5. New York

Source | WalletHub

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