Borrowing from those closest: the growing trend of turning to family and friends for financial help.
A recent survey of over 4,000 adults in the UK reveals that many are resorting to borrowing money from their loved ones when traditional lenders fail. A staggering one in four households would struggle to cover a £500 emergency bill without taking out debt or asking for assistance.
For those who have had no choice but to turn to family and friends, the reasons vary. While some may be rejected by banks due to credit history issues, others may feel that they have exhausted all other options. The most vulnerable among us - young adults, families with children, and those on zero-hours contracts or struggling in low-paid work - are disproportionately affected.
These individuals are often forced to rely on friends and relatives for financial support, with 26% of respondents admitting to borrowing from loved ones this year alone. A similar proportion had taken out a Buy Now Pay Later loan, highlighting the growing reliance on non-traditional credit methods.
But what are the consequences of such actions? For some, it may be a matter of getting back on their feet financially, while for others, it could have damaged relationships and left emotional scars.
We'd like to hear from those who have been in this situation. What made you turn to friends or family for help? How has this affected your relationship with them? And are you struggling to repay the debt? Your stories are crucial in helping us understand the complexities of borrowing money from those closest to us.
A recent survey of over 4,000 adults in the UK reveals that many are resorting to borrowing money from their loved ones when traditional lenders fail. A staggering one in four households would struggle to cover a £500 emergency bill without taking out debt or asking for assistance.
For those who have had no choice but to turn to family and friends, the reasons vary. While some may be rejected by banks due to credit history issues, others may feel that they have exhausted all other options. The most vulnerable among us - young adults, families with children, and those on zero-hours contracts or struggling in low-paid work - are disproportionately affected.
These individuals are often forced to rely on friends and relatives for financial support, with 26% of respondents admitting to borrowing from loved ones this year alone. A similar proportion had taken out a Buy Now Pay Later loan, highlighting the growing reliance on non-traditional credit methods.
But what are the consequences of such actions? For some, it may be a matter of getting back on their feet financially, while for others, it could have damaged relationships and left emotional scars.
We'd like to hear from those who have been in this situation. What made you turn to friends or family for help? How has this affected your relationship with them? And are you struggling to repay the debt? Your stories are crucial in helping us understand the complexities of borrowing money from those closest to us.
it's like, you're already stressed and worried about bills, and then you gotta worry about not being able to pay them back? I think we need to acknowledge that it's just not always easy to get a loan from a bank or other lender, especially when they keep rejecting your applications 
. And yeah, the ones who do end up taking out those Buy Now Pay Later loans are already struggling, so it's no wonder some people turn to friends and family for help 
. The thing is, though, borrowing from loved ones can be super emotional - you gotta worry about damaging relationships and hurting their feelings 
. I hope everyone who's been in this situation gets the support they need, whether that's from a loan, a financial advisor, or just some serious self-care 
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but at the same time, i get it too, we're living in tough times financially. I just hope more people r looking into those alternative credit methods like BNPL loans though - they can be super helpful when u need them 
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Anyway, back to my friend's sister... yeah, she said that sometimes she borrows from her family just to get by, but it can be really tough to repay them. Like, emotionally tough too 
. I don't know if we'll ever be able to repay them fully or even at all. It's a huge weight on our relationship and I worry about what others might think. We're working hard now but it's just one of those long-term struggles that you never see the end of 
, 26% is a crazy high percentage! I'm Interesting 
how people are being forced into non-traditional credit methods because they have no other choice. It's like, we live in a society where everyone's supposed to be independent and have their own finances sorted out... but what if life throws you a curveball? Shouldn't we be supporting each other more instead of turning to loans and debt?
! It's crazy how people are turning to their loved ones when banks aren't being understanding. I mean, who wouldn't want to help out a family member in need, right? 
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, 26% is a pretty big number! Like, what's going on here? These people can't even get loans from traditional lenders without hitting rock bottom 
. And then they're expected to repay their friends and family? That's just not right 
. Anything less and we're just patching up symptoms 
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. And what really gets my goat is these Buy Now Pay Later loans are just taking advantage of people who are already struggling 
. We need some better solutions, you know?
Those people deserve all the support they can get, not just financial aid but mental health support too... 
, it's like they're stuck between a rock and a hard place. I mean, what even is a Buy Now Pay Later loan? Sounds like some sketchy stuff to me 
. What are our options for affordable loans and financial support? Can we make it easier for people to get the help they need without damaging their relationships? I think so! 
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. What if the person you're borrowing from starts to feel taken advantage of? Or what if they can't afford it themselves? It's a whole mess, and we need some creative solutions to fix it 
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I'm surprised the gov's not doing more about this, you know? It's like they're just letting people suffer 'cause they can't get a loan anywhere else 
It's not all bad though, I guess some people do get help and pay it back in the end... but others, man... that £500 emergency bill could be a major stress factor 
. Not just for emergencies, but for everyday life too. We should all be working towards building up some reserves so we don't have to rely on others when things go south. And if you do find yourself in this situation, try to have an open and honest conversation with your loved ones about what youre going through – its way more effective than pretending everything is fine 
. It's heartbreaking to think that some folks have to ask friends and family for cash because banks won't lend 'em a buck 
. on da other hand, some ppl manage 2 pay it back w/o issues 
. its all about communication, right?