AA Personal Loans: Only half of Brits get back lent money

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AA Personal Loans: Only half of Brits get back lent money

Fri 17th Oct 2008

Over 20 million Britons lend money to family and friends, but just half of them are repaid.

This is according to new research from AA Personal Loans, which found that 60 per cent of Britons have lent cash in such circumstances.

The average amount lent is £607.22 a time and 27 per cent say they are more likely to borrow money from friends or family than last year.

Household bills and deposits on houses or cars were the biggest reasons for lending money.

Scots are the biggest borrowers, with 49 per cent having done so, but also the best at repaying in full, with 76 per cent settling up.

Mark Huggins of AA Personal Loans noted that good loan deals are still available and suggested these might be a better option.

Men were most likely to be left owed money at the end of a relationship.

In September, the AA reported that 3.4 million newlywed Britons were suffering financially by not properly planning the cost of setting up their new marital home.

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