Brits lending loans to friends and family

Millions of Britons are choosing to lend money to their families and friends, according to a new report.

A study by AA Personal Loans discovered that people in the UK lend an average of £607.22 each time but only half actually receive the money back.

The loans provider found that six per cent are too embarrassed to ask for their cash to be returned, while 11 per cent said they feel too uncomfortable demanding the money back.

Mark Huggins, head of AA Personal Loans, said: "Brits are clearly extremely generous when it comes to lending money, with large sums of cash being loaned to family members and friends for everything from house deposits to holidays."

To help ensure their relationships do not suffer, people ought to consider choosing the competitive loans still available on the market instead, the company advised.

In related news, Derek Oakley, operations director at Debt Free Direct, urged people to "act quickly" to address their debt problems even if they can seem "frightening".

News Source: http://www.beatthatquote.com/news/loans/
brits_lending_loans_to_friends_and_family.html?id=1679