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Tuesday 14th August 2007
Brits lend their friends a total of £510 million each year, but this generosity could be costing more than money, according to new figures from Abbey Loans.
The survey reports that 4.4 million friend-to-friend loans occur annually, with the downside being that 3.5 million people reported that they had fallen out with a mate over a loan.
Paul Morrish, head of Abbey Loans, commented on the findings: "As millions of Brits find that borrowing from or lending money to a friend resulted in the loss of a friendship we've seen that people can fall out over the smallest amounts of money."
The average amount lent was £116, but the cost of friendship was even lower than that - 29 per cent of those questioned who had fallen out with a friend over a loan had argued over an amount less than £100.
The most common reason to ask a friend for a sub was to keep people afloat until pay day, but people also borrowed cash to pay for holidays, cars and home improvements.
Mr Morrish added: "Those that need money for items such as cars, holidays, home improvements or even cosmetic surgery would be better off asking a bank to provide the funds, rather than risking a relationship meltdown."
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