The coronavirus pandemic has deeply disrupted the U.S. economy, which in turn has hurt the incomes of many Americans and Alabamians alike. Businesses across the country have been forced to lay off workers as they struggle to survive during the crisis, which led more than 22 million Americans filing for unemployment since mid-March.
In order to determine where people are most in need of loans as a result of the coronavirus pandemic, personal finance site 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 and found Alabama ranks the 4th highest state with people searching for loans and financial relief during this pandemic.
Alabama residents’ need for loans due to COVID-19 (1=biggest need; 25=avg.):
- 18th – “Loans” search interest index
- 11th – “Payday loans” search interest index
- 16th – “Home equity loan” search interest index
- 2nd – Change in average inquiry count April 6, 2020 vs. January 1, 2020
Here’s how the state compares to the rest of the country.
