Borrowing from family
Borrowing from family is usually the cheapest credit available and the most expensive to get wrong. The thing that protects the relationship is the thing people avoid because it feels distrustful: writing it down.
Write down the amount, the repayment schedule, and what happens if you cannot pay on time. One page is enough. It is not distrust — it is what prevents two people remembering the same conversation differently a year later.
Agree the repayment method and be as reliable about it as a debit order. Family lenders rarely chase, which makes it easy to slip, which is exactly how these arrangements sour.
Be honest about your capacity before accepting. Someone lending you money they need back is exposed in a way a credit provider is not, and defaulting on family has consequences no credit record captures.
If you are the lender: only lend what you can afford not to see again, and say so plainly at the outset. It removes the pressure from both sides.
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Page last checked 10 August 2026. Statutory caps and lender terms change — confirm anything you intend to rely on with the provider or the National Credit Regulator. Found something wrong? Tell us and we will correct it.