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4/15: Lending Money — All In the Family?

Family Finances

4/15: Lending Money — All In the Family?

If you’ve been asked for a loan, you’re not alone.  In fact, a majority of Americans — 57% — say a friend or family member has asked to borrow money from them.  So, who are the borrowers?

©istockphoto.com/jgroup

©istockphoto.com/jgroup

Usually, it’s a brother or sister, according to 30% of those who say they have been approached for a loan.  A child or grandchild sought money from 21% of would-be lenders.   And, nearly 1 in 5 — 19% — has been approached by a friend. Does your income influence who may ask you for money?  25% of those making less than $50,000 a year who were asked for a loan were hit up by their kids.  But, among those earning $100,000 or more who’ve been approached for a loan, it’s more likely to be a brother or sister who does the asking.

Table: Has a family member asked for a loan?
Table: Which family members are seeking a loan?

Making Borrowers Accountable?

58% of U.S. residents who have been asked for a loan say they did lend their relative or friend all or some of the money.  Another 26% actually gave the borrower the money as a gift.  And, of those who agreed to provide a loan for some or all of the requested money, most — 92% — say they didn’t write up or sign a formal agreement to pay it back.

Table: Did you loan them the money?
Table:  Sign a Formal Agreement?

A Lasting Impact?

So, how does a loan affect the relationship between the lender and the borrower?   More than three-quarters –77% — of those who have been approached for a loan say it makes no difference whatsoever.  And, out of the 23% who report it does make a difference, almost two out of three say it’s for the better.

Table: Does it impact the relationship?

Marist Poll Methodology

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Related Links:

Loaning Your Kids Money

Lending Money to a Family Member

Things to Consider If Lending Money to Family

Lending Money to Friends and Family

The Perils of Lending Money to Family

Family Loans Can Raise More Problems Than They Solve

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