Study: Wyoming Residents Don’t Need Loans (As Much)

in Economy/Good news/News

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By Ellen Fike, Cowboy State Daily

Wyoming came in almost dead last in a recent ranking of states where residents need loans due to the coronavirus.

According to personal finance website WalletHub, Wyoming was ranked 49th of the 50 states and the District of Columbia when it came to states whose residents were in the greatest need of some type of loan due to the coronavirus.

The loans ranged from payday to home equity.

Wyoming was 51st when it came to the number of times residents searched the Internet for information related to loans in general, but was No. 11 for searches regarding payday loans.

Wyoming was followed in the overall ranking by North Dakota and Alaska, respectively, in 50th and 51st place.

New York, Virginia and Washington state were the three highest-ranking states, meaning their residents needed loans the most due to the pandemic.

WalletHub compared the 50 states and the District of Columbia across four key metrics, which combined internal credit report data with data on yhe increased use of Google to search for three loan-related terms.

The analysis compared loan-related search interest values for August.

George Mason University professor Frank Shafroth suggested going to a trusted friend or relative if a person needs cash quickly instead of using a payday loan service. If that doesn’t work, he recommended a credit union.

“If a person has a trusted financial institution or bank, I would suggest meeting with a loan officer to assess what the credit implications might be,” Shafroth said.

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