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article imageAreas in the U.S. with the highest loan take-up rates revealed

By Tim Sandle     Jul 18, 2020 in Business
The COVID-19 pandemic has had a major impact on the U.S. economy, and one of the measures of this is with the take-up of loans. New data from WalletHub shows considerable variation throughout the U.S., as measured by individual states.
The U.S. unemployment rate is showing a gradual recovery (it stands at 11 percent). Much of the current predicament is due to COVID-19. To assess the nation-wide impact, WalletHub has issued standings of each state. This is in the report titled 'States Where People Need Loans the Most Due to Coronavirus'.
This is an important set of metrics, since where higher numbers of people are seeking loans is indicative of people who are struggling to make ends meet in the coronavirus era.
WalletHub based their findings on internal credit report data together with data relating to Google searches connected to loan-related terms.
The areas with the greatest loan take up are:
1. New York
2. Maryland
3. Illinois
4. Virginia
5. Indiana
6. Minnesota
7. Washington
8. Alabama
9. Kentucky
10. North Carolina
In contrast, the states with the lowest levels of loan take-up are:
42. Nebraska
43. New Hampshire
44. Maine
45. Idaho
46. Montana
47. Delaware
48. North Dakota
49. Wyoming
50. Rhode Island
51. Vermont
In terms of the economic future, another data set from WalletHub has looked at the future prospects for youth. Current trends reveal that one in nine young people in the U.S. are neither working nor in school. This is exposing them to greater risk of poverty. This is captured in the '2020's States with the Most At-Risk Youth' study.
To assess where young people are not faring as well as others in their age group, especially in a year made extremely stressful by the COVID-19 pandemic, WalletHub have assessed which states have the greatest share of disconnected youth as well as other measures, such as labor force participation.
The U.S. states with the most at-risk youth is revealed as:
1. Louisiana
2. District of Columbia
3. Arkansas
4. Alaska
5. Mississippi
6. New Mexico
7. Alabama
8. Nevada
9. West Virginia
10. Oregon
Conversely, the states with better prospects for young people are:
42. Virginia
43. Iowa
44. Kansas
45. Rhode Island
46. North Dakota
47. Minnesota
48. New Hampshire
49. Massachusetts
50. New Jersey
51. Utah
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