Custom hook widely used to fetch and set data

fetchData.ts

export const fetchData = (params:Record<string,string>) => {
  const [loading,setLoading] = useState(true)
  const [data,setData] = useState([])
  const [errorMsg,setErr] = useState("")
  useEffect(()=>{
    // axios call
    axios.get(`/someUrl`)
      .then(res=>{
          setData(res.data)
          setLoading(false)
      })
      .catch(err=>{
        setLoading(false) 
        setErr("some error message")
      })
  },[params])
  return {loading,data,errorMsg}
}

const AnyComp = ()=>{
  const {loading,data,errorMsg} = fetchData()  
}