A new survey in the UK reveals that more people borrow from family and friends than utilize Buy Now Pay Later (BNPL) services, often for amounts less than £250. Many resort to this due to being turned down by traditional lenders, though some family loans surprisingly incur interest.

• 26% of respondents borrowed from family and 15% from friends this year, compared to 25% using BNPL loans.
• The survey, commissioned by non-profit Fair4All Finance and conducted by Ipsos, included over 4,000 adults across England, Scotland, and Wales.
• Borrowing from family weakened 9% of relationships, rising to 17% for friends, with 8% of family loans and 16% of friend loans involving interest.
• 4% of those surveyed admitted to borrowing from a loan shark in the last 12 months.
• The research highlighted that a quarter of all households couldn't afford a £500 emergency bill without borrowing.