Unsplash / Nathan Dumlao

Where does this data come from?

The following data is comprised of MyLoanAlly customers. We looked at requested loan amount of our customer from the month of April and sorted it by state. We hope you find some value in our report.

Is there any significance or rationale behind the states that consistently request either under $10,000 or above $20,000 in borrowing amounts?

It seems like we've stumbled upon a curious case of borrowing extremes! While it's tempting to speculate about the reasons behind these patterns – perhaps Montanans are more frugal than Mississippians, or maybe Alaskans have grander financial ambitions – the reality is likely more nuanced. Factors such as regional economies, cost of living, and cultural attitudes toward borrowing may all play a role in shaping these borrowing habits. So, while it's fun to ponder the possibilities, the true answer may lie in the unique circumstances of each state.

Let's have a look at the data

Several observations stand out from the data:

1. There is a wide range of borrowing amounts across states, ranging from under $6,000 to over $40,000. This disparity suggests significant variation in borrowing habits and financial needs among Americans.

2. States with lower borrowing amounts tend to be located in the Midwest and Northeast regions, such as Montana, Wyoming, Ohio, and Rhode Island. These states may exhibit more conservative financial behaviors or have lower average income levels.
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3. Conversely, states with higher borrowing amounts are spread across different regions, including Delaware, Mississippi, and Alaska. These states may have higher average income levels or greater financial needs, leading to larger loan requests.

4. Washington D.C. stands out as having a relatively low borrowing amount compared to neighboring states, which could be influenced by its unique economic and demographic characteristics.

Overall, the data illustrates the diverse borrowing landscape across the United States, reflecting a combination of regional economic factors, cultural attitudes toward borrowing, and individual financial circumstances.

As we conclude our journey through the borrowing habits of Americans, it's clear that the financial landscape is as diverse and dynamic as the people who inhabit it. From the prudent penny-pinchers to the daring dreamers, each state offers a unique perspective on borrowing behavior, reflecting a rich tapestry of economic, cultural, and individual influences. Whether you find yourself among the modest borrowers of Montana or the bold spenders of Mississippi, one thing remains certain: our borrowing habits tell a story of who we are, where we've been, and where we're headed on the winding road of personal finance.

If you're preparing to borrow money, just answer a couple simple questions, and MyLoanAly will help you find a lender best suited for your needs.

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