Wakefield Coroner's Court was told police discovered that 26-year-old Jack Bentley, of Gildersome, had defaulted on the loans due to a gambling habit.
An inquest opening was told Mr Bentley's mother reported him missing on September 13.
Mr Bentley, who was a single man who worked as a ventilator fitter, was found hanged on September 15 on land at Farnley Wood Beck off the A58 Whitehall Road in Leeds.
The inquest opening heard Mr Bentley was certified dead just after 5pm on September 15.
A friend confirmed his identity to a police officer at the scene.
A provisional post mortem report gave the cause of death as hanging.
Senior coroner Kevin McLoughlin, said: " He had defaulted on bank loans and payday loans due to his gambling habit."
Mr McLoughlin adjourned the inquest to a date to be fixed.