Borrowing from Those We Care About: The Rise of Family and Friends Loans in Britain
A recent survey has revealed that an increasing number of Britons are turning to those closest to them for a helping hand - specifically, friends and family members. Conducted by the non-profit Fair4All Finance among over 4,000 adults, the research found that 26% of respondents had borrowed money from loved ones this year alone.
This trend is particularly pronounced among younger generations, households with children, and individuals struggling on zero-hours contracts or in lower-paid work. It appears that for these groups, traditional lenders such as banks have become increasingly inaccessible, leaving friends and family as a last resort.
The consequences of this trend are far-reaching, with many respondents revealing that they had been rejected by banks before turning to those closest to them. A staggering one in four households reported being unable to afford an emergency bill of £500 without borrowing from friends or family.
So, who is turning to their loved ones for a loan? What drives this decision, and how does it affect relationships? We want to hear from you. Have you ever borrowed money from friends or family? How did you feel about the arrangement? Was it a temporary fix, or has it left a lasting impact on your financial situation?
We're listening, and we'd love to share your story.
A recent survey has revealed that an increasing number of Britons are turning to those closest to them for a helping hand - specifically, friends and family members. Conducted by the non-profit Fair4All Finance among over 4,000 adults, the research found that 26% of respondents had borrowed money from loved ones this year alone.
This trend is particularly pronounced among younger generations, households with children, and individuals struggling on zero-hours contracts or in lower-paid work. It appears that for these groups, traditional lenders such as banks have become increasingly inaccessible, leaving friends and family as a last resort.
The consequences of this trend are far-reaching, with many respondents revealing that they had been rejected by banks before turning to those closest to them. A staggering one in four households reported being unable to afford an emergency bill of £500 without borrowing from friends or family.
So, who is turning to their loved ones for a loan? What drives this decision, and how does it affect relationships? We want to hear from you. Have you ever borrowed money from friends or family? How did you feel about the arrangement? Was it a temporary fix, or has it left a lasting impact on your financial situation?
We're listening, and we'd love to share your story.
people are turning to their loved ones for loans like its no big deal... but IT REALLY IS! You're basically putting a strain on your relationships and potentially creating debt that's hard to get out of. i mean, what if the person you borrowed from can't afford to repay you? it's not just about the money, its about the trust and respect in those relationships. we need to find better solutions for people who are struggling, like more affordable lenders or financial assistance programs...
. its not just the financial part tho, its also how u maintain those relationships after u pay each other back. some ppl might be able to just move on but for others, like me, it can leave a weird vibe for ages 
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like what even is happening here?! our fave brands are supposed to be supporting us, not making it impossible for us to get loans 
they don't care about you unless you're willfully ignorant of their terms 
but seriously, who needs their help when your loved ones have got your back 
?
i mean who needs personal boundaries when you need cash, right? 
it's not like this is gonna lead to some kind of toxic family dynamic where everyone's all "I lent you money and now you owe me forever"... 
that never happens.
... it's like they're running out of last chances 
... we gotta look out for each other, fam 
I mean, borrowing from loved ones is never easy, and it can put a strain on relationships. I know some people might need help in an emergency, but when it becomes a regular thing, it's like a weight on everyone's shoulders. Friends and family members shouldn't have to take on the financial burden of others, especially if they're already struggling themselves.
I hope there's a solution soon, before it gets worse and people start to feel like they're losing control over their finances.
it's not fair tho cuz who hasn't been there at some point where u need cash & no one else will lend u a hand 
.
.
... its not a bad thing, but is it fair on them? 
... just a thought 