Brits will ask for up to £1,500 from family or friends when needing to borrow money
dailystar.co.ukShawbrook Bank, said: “We’re a nation of borrowers, and for many this could mean borrowing from loved ones to help fund our big life moments, as well as the little things we need. “But borrowing money is not a decision to be taken lightly and, even if it’s from friends or family, you need to have clear terms agreed from the outset or things could get tricky.“Talking it through and having things in writing - including how much is borrowed, repayments and timelines - can help to avoid any unnecessary awkwardness later down the line.“This is a necessity when borrowing from a bank, and the same principles should be applied to any form of borrowing.”The research also found more than half of adults have previously turned to a financial lender rather than seeking help from family and friends.This is due to the lack of awkwardness (45%), not compromising a relationship (45%), and it being an “official route” (37%).The average adult has borrowed an estimated £8,000 in unsecured credit in the last five years.And the typical adult would be comfortable seeking a sum of £11,000 from their bank in the future.Covering the cost of a car was the top reason to consider applying for a loan, while more than a third (34%) would finance home improvements with help from a lender.But the survey, conducted via OnePoll, found many don’t do their homework when it comes to borrowing - as only 29% would spend time researching before making a decision.Just under half (44%) would take the time to understand the APR, while only 41% would work out a budget before committing to the loan.Sally Conway added: “Our research has found that, alarmingly, even when borrowing from financial institutions, not everyone is crystal clear on what they are signing up.
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